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State Bank of India Subsidiary Banks Act, 1959 Chapter V

Title: Management of Subsidiary Banks

State: Central

Year: 1959

.....things as may be exercised or done by that bank. (3) The Board of Directors of a subsidiary bank shall, in discharging its functions under this Act, act on business principles, regard being had to public interest. ________________________ 1. Substituted fur the words "general manager" by the State Bank Laws (Amendment) Act, 1973(48 of 1973), Section 21 w.e.f. 1-7-1974. Section 25 - Composition Of The Board Of Directors (1) Subject to the provisions of sub-section (2) the Board of Directors of a subsidiary bank shall consist of the following:-- 4[(a) the Chairman for the time being of the State Bank, ex officio or an official of the State Bank or of the subsidiary bank nominated by him as Chairman, with the approval of the Reserve Bank;] 1[(aa) the managing director appointed under sub-section (1) of section 29 or under section 32;] 5(b) one director, possessing necessary expertise and experience in the matters relating to regulation or supervision of commercial banks, to be nominated by the Reserve Bank; (c) not more than five directors to be nominated by the State Bank of whom not more than three shall be officers of that bank: 2Provided that any.....

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State Bank of India Subsidiary Banks Act, 1959 Chapter VI

Title: Business of Subsidiary Banks

State: Central

Year: 1959

.....carrying on the business of banking. _____________________________ 1. Substituted by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) for the words and figures "Banking Companies Act, 1949" Section 38A - Arrangement With Subsidiary Banks On Appointment Of Directors To Prevail 1[38A. Arrangement With Subsidiary Banks On Appointment Of Directors To Prevail (1) Where any arrangement entered into by a subsidiary bank with a company provides for the appointment by the subsidiary bank of one or more Directors of such company, such provision and any appointment of Directors made in pursuance thereof shall be valid and effective notwithstanding anything to the contrary contained in the Companies Act, 1956, or in any other law for the time being in force or in the memorandum, articles of association or any other instrument relating to the company and any provision regarding share qualification, age limit number of directorships, removal from office of Directors and such like conditions contained in any such law or instrument aforesaid, shall not apply to any Director appointed by the subsidiary bank in pursuance of the arrangement as.....

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State Bank of India Subsidiary Banks Act, 1959 Amending Act 2

Title: The State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007

State: Central

Year: 1959

.....An Act further to amend the State Bank of Saurashtra Act, 1950, the State Bank of Hyderabad Act, 1956 and the State Bank of India (Subsidiary Banks) Act, 1959. be it enacted by Parliament in the Fifty-eighth Year of the Republic of India as follows:-- PART I PRELIMINARY 1. Short title and commencement (1) This Act may be called the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appoi'nted for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. CHAPTER II AMENDMENTS TO THE STATE BANK OF SAURASHTRA ACT, 1950 2. Substitution of new section for section 5 For section 5 of the State Bank of Saurashtra Act, 1950 (hereafter in this Chapter referred to as the State Bank of Saurashtra Act), the following section shall be substituted, namely:-- "5. Authorised Capital - (1) Subject to the provisions of this Act, the authorised capital of the Saurashtra Bank shall.....

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State Bank of India Act, 1955 Chapter 6

Title: Business of the State Bank

State: Central

Year: 1955

.....Cl. (b) of Section 5 of the Banking Regulation Act, 1949 (10 of 1949) and may engage in one or more of the other forms of business specified in sub-section (1) of Section 6 of that Act.] ___________________ 1. Substituted by Act 48 of 1973, Section 12, (w.e.f. 1st March, 1977). Section 34 - Business which the State Bank may not transact 1[(1) to (5) * * *]. (6) Save as otherwise provided in2[this Act] the State Bank shall not own or; acquire any3[* * *] immovable property except for the purpose of providing buildings or other accomodation in which to carry on the business of the State Bank or for providing residences for its officers and other employees : Provided that if any such building or other accommodation is not immediately required for any of the purposes of the State Bank, the State Bank may utilize it to the best advantage by letting it out or in any other manner. ___________________ 1. Sub-sections (1), (2), (3) (4) and (5) omitted by Act 48 of 1973, Section 13 (w.e.f. 1st March, 1977). 2. Substituted by Act 56 of 1962, Section 2, for the words, "Section 33" (w.e.f. 14th December, 1962). 3. The words, "interest in " omitted by Act 56 of 1962,.....

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State Bank of India Act, 1955 Amending Act 1

Title: Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006

State: Central

Year: 1955

.....Act, 1959, the Deposit Insurance and Credit Guarantee Corporation Act, 1961, the Export-Import Bank of India Act, 1981 and the National Housing Bank Act, 1987. BE it enacted by Parliament in the Fifty-seventh Year of the Republic of India as follows:-- CHAPTER I PRELIMINARY 1. Short title and Commencement.-- (1) This Act may be called the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. CHAPTER II AMENDMENTS TO THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970 2. Amendment of section 3.-- In section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970(5 of 1970) (hereafter in this Chapter referred to as the Bank Nationalisation Act),-- (a) in sub-section (2B), for clause (c), the following shall.....

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State Bank of India Act, 1955 Amending Act 2

Title: The State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007

State: Central

Year: 1955

.....An Act further to amend the State Bank of Saurashtra Act, 1950, the State Bank of Hyderabad Act, 1956 and the State Bank of India (Subsidiary Banks) Act, 1959. be it enacted by Parliament in the Fifty-eighth Year of the Republic of India as follows:-- PART I PRELIMINARY 1. Short title and commencement (1) This Act may be called the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appoi'nted for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. CHAPTER II AMENDMENTS TO THE STATE BANK OF SAURASHTRA ACT, 1950 2. Substitution of new section for section 5 For section 5 of the State Bank of Saurashtra Act, 1950 (hereafter in this Chapter referred to as the State Bank of Saurashtra Act), the following section shall be substituted, namely:-- "5. Authorised Capital - (1) Subject to the provisions of this Act, the authorised capital of the Saurashtra Bank shall.....

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Export-import Bank of India Act, 1981 Amending Act 1

Title: Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006

State: Central

Year: 1981

.....Act, 1959, the Deposit Insurance and Credit Guarantee Corporation Act, 1961, the Export-Import Bank of India Act, 1981 and the National Housing Bank Act, 1987. BE it enacted by Parliament in the Fifty-seventh Year of the Republic of India as follows:-- CHAPTER I PRELIMINARY 1. Short title and Commencement.-- (1) This Act may be called the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. CHAPTER II AMENDMENTS TO THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970 2. Amendment of section 3.-- In section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970(5 of 1970) (hereafter in this Chapter referred to as the Bank Nationalisation Act),-- (a) in sub-section (2B), for clause (c), the following shall.....

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State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 Chapter IV

Title: Amendment to the State Bank of India (Subsidiary Banks) Act, 1959

State: Central

Year: 2007

..... Section 25 - Amendment of section 55 In section 55 of the State Bank of India (Subsidiary Banks) Act, for the words "Banking Companies Act", the words "Banking Regulation Act" shall be substituted. Section 26 - Amendment of section 63 In section 63 of the State Bank of India (Subsidiary Banks) Act,-- (a) for sub-section (1), the following sub-section shall be substituted, namely:-- "(1) The Board of Directors of a subsidiary bank may, after consultation with the State Bank and with the previous approval of the Reserve Bank, by notification in the Official Gazette, make regulations not inconsistent with this Act and the rules made thereunder, to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions of this Act or any other law for the time being in force;"; (b) in sub-section (2),-- (i) after clause (f), the following clauses shall be inserted, namely:-- "(fa) the procedure for issuing the certificates of shares; (fb) the procedure with respect to increase, whether by public issue or by preferencial allotment or private placement, the issued capital by issue of equity or preference.....

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Reserve Bank of India Act, 1934 (2 of 1934) Section 17

Title: Business Which the Bank May Transact

State: Central

Year: 1934

..... (10) the sale realisation of all property, whether movable or immovable, which may in any way come into the possession of the Bank in satisfaction, or part satisfaction, of any of its claims; (11) the acting as agent for 1 [***] the 2 [Central Government] 80 [or any 5 [State] Government 81 [***] or any local authority 82 [***] 83 [or the Industrial Finance Corporation of India 84 [***] 11 [or any other body corporate which is established or constituted by or under any other law] 10 [or the Government of any such country outside India or 85 [any such person or authority] is may be approved in this behalf by the Central Government] in the transaction of any of the following kinds of business, namely:- (a) the purchase and sale of gold or silver 86 [or foreign exchange]; (b) the purchase, sale, transfer and custody of bills of exchange, securities or shares in any company; (c) the collection of the proceeds, whether principal, interest or dividends, of any securities or shares; (d) the remittance of such proceeds, at the risk of the principal, by bills of exchange payable either in India or elsewhere; (e) the management of public debt; 87 [(f) 88 [***] the.....

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Reserve Bank of India Act, 1934 (2 of 1934) Chapter 3

Title: Central Banking Functions

State: Central

Year: 1934

.....words "Part B" omitted by Act 37 of 1956, section 104 (w.e.f. 1-11-1956). 3. The words "(including the autonomous State of Meghalaya)" Inserted by Act 54 of 1969, section 75 and omitted by Act 81 of 1971, section 72 (w.e.f. 21-1-1972). Section 21B - Effect of agreements made between the Bank and certain States before the 1st November, 1956 1 [21B. Effect of agreements made between the Bank and certain States before the 1st November, 1956 (1) Any agreement made under section 21 or section 21A between the Bank and the Government of a State specified in the Explanation below and in force immediately before the 1st day of November, 1956, shall, as from that day have effect as if it were an agreement made on that day under section 21A between the Bank and the Government of the corresponding State subject to such modifications, if any, being of a character not affecting the general operation of the agreement, as may be agreed upon between the Bank and the Government of the corresponding State, or in default of such agreement, as may be made therein by order of the Central Government. Explanation.-In this sub-section "corresponding State" means,- (a) in relation to the.....

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