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Start Free TrialIndustrial Disputes (Banking Companies) Decision Act, 1955 Section 3
Title: Appellate Decision to Have Effect Subject to the Modifications Recommended by the Bank Award Commission
State: Central
Year: 1955
.....period; and upon the issue of such notification the adjustment of clearness allowance so made for any period shall be deemed to have been recommended in clause 1(e) of the Report of that Commission: Provided that any adjustment so made shall, so far as may be,-bear to the rise or fall of the Cost of Living Index the same ratio as it indicated between the adjustment of dearness allowance and the rise or fall of the Cost of Living Index in the formulae recommended in that clause.] _______________________ 1. Section 3 renumbered as sub-section (1) by the Industrial Disputes (Banking Companies) Decision Amendment Act, 1957. 2. Inserted by the Industrial Disputes (Banking Companies) Decision Amendment Act, 1957. 3. Inserted by the Industrial Disputes (Banking Companies) Decision Amendment Act, 1958.
View Complete Act List Judgments citing this sectionReserve 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.....
View Complete Act List Judgments citing this sectionReserve 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.....
View Complete Act List Judgments citing this sectionState Bank of India Subsidiary Banks Act, 1959 Section 7
Title: Issued Capital of New Banks
State: Central
Year: 1959
.....A new bank may accept the money in respect of shares issued towards increase in issued capital in instalments, make calls and forfeit unpaid shares and re-issue them, in the manner as may be prescribed.] ____________________________ 1. Inserted by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007). 2. Substituted for the following by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) "(4) Without prejudice to the provision contained in sub-section (3) a new bank may, with the approval of the State Bank and the Reserve Bank, increase from time to time, its issued capital and the capital so increased shall consist of fully paid-up shares to be issued in such manner as the State Bank may, with the approval of the Reserve Bank, direct. (5) No increase or reduction in the issued capital of a new bank shall be made in such a manner that the State Bank holds at any time less than fifty-five per cent of the issued capital of that bank"
View Complete Act List Judgments citing this sectionState Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 Chapter II
Title: Amendments to the State Bank of Saurashtra Act, 1950
State: Central
Year: 2007
.....may, with the approval of the Reserve Bank, authorise the Saurashtra Bank to increase or reduce its authorised capital.". Section 3 - Amendment of section 6 In section 6 of the State Bank of Saurashtra Act,-- (a) after sub-section (1), the following sub-section shall be inserted, namely:-- "(1A) Notwithstanding anything contained in sub-section (1), the issued capital of the Saurashtra Bank, shall consist of such amount as the State Bank may, with the approval of the Reserve Bank, fix, and, shall be divided into fully paid-up shares of such denomination in accordance with sub-section (2) of section 5."; (b) for sub-section (3), the following sub-sections shall be substituted, namely:-- "(3) The Saurashtra Bank may, from time to time, with the approval of the State Bank and the Reserve Bank, increase, whether by public issue or by preferential allotment or private placement in accordance with the procedure as may be specified by regulations made under section 63 of the State Bank of India (Subsidiary Banks) Act, 1959(38 of 1959), its issued capital by issue of equity or preference shares. (3A) The issued capital of the Saurashtra Bank shall consist of equity shares.....
View Complete Act List Judgments citing this sectionState Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 Chapter III
Title: Amendmentsto the State Bank of Hyderabad Act, 1956
State: Central
Year: 2007
.....Bank may, with the approval of the Reserve Bank, fix, and shall be divided into fully paid-up shares of such denomination in accordance with sub-section (2) of section 9."; (b) for sub-section (3), the following sub-sections shall be substituted, namely:-- "(3) The Hyderabad Bank may, from time to time, with the approval of the State Bank and the Reserve Bank, increase, whether by public issue or by preferential allotment or private placement in accordance with the procedure as may be specified by regulations made under section 63 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), its issued capital by issue of equity or preference shares. (3A) The issued capital of the Hyderabad Bank shall consist of equity shares or equity and preference shares: Provided that the issue of preference shares shall be in accordance with the guidelines framed by the Reserve Bank specifying the class of preference shares, the extent of issue of each class of such preference shares (whether perpetual or irredeemable or redeemable) and the terms and conditions subject to which, each class of preference shares may be issued. (3B) The Hyderabad Bank may, with the.....
View Complete Act List Judgments citing this sectionNational Bank for Agriculture and Rural Development Act, 1981 Section 50
Title: Staff of National Bank
State: Central
Year: 1981
.....so applying, the availability of vacancies in the National Bank, the exigencies of service in the Reserve Bank and the National Bank and such other factors as may be considered relevant in this regard, and, if the Reserve Bank is satisfied having regard to these factors, that such applicant is suitable for being so appointed recommend his appointment to the National Bank. (c) The National Bank may thereupon, within eighteen months from the appointed day, appoint such a person applying under this sub-section as a member of the staff of the National Bank and on such appointment, such a person shall be deemed to have been appointed in the National Bank under sub-section (3): Provided that the proviso to sub-section (3) and the proviso to sub-section (3) and the proviso to sub-section (5) shall not apply in respect of such person. (5) Notwithstanding anything contained elsewhere in this Act or in any other law or in any contract for the time being in force at any time before the expiry of six months from the appointed day the Reserve Bank may if it considers it necessary in consultation with the National Bank so to do in the interest of the National Bank , transfer on.....
View Complete Act List Judgments citing this sectionState Bank of Saurashtra (Repeal) and the State Bank of India (Subsidiary Banks) Amendment Act, 2009 Chapter III
Title: Amendments to the State Bank of India (Subsidiary Banks) Act, 1959
State: Central
Year: 2009
..... (iii) in clause (k), the words "and the Saurashtra Bank" shall be omitted. Section 4 - Amendment of section 14 In the Subsidiary Banks Act, in section 14,-- (i) in the marginal heading, the words", the Saurashtra Bank" shall be omitted; (ii) in sub-section (1), the words ", the State Government of Gujarat in respect of the Saurashtra Bank" shall be omitted; (iii) in sub-section (2) and in the proviso, the words", the State Government of Gujarat," and "or the State Government of Gujarat" shall, respectively, be omitted; (iv) in sub-section (3), the words ", the State Government of Gujarat" shall be omitted; (v) in sub-section (4), the words", the State Government of Gujarat" shall be omitted. Section 5 - Amendment of section 23 In the Subsidiary Banks Act, in section 23,-- (i) for the words ", the Hyderabad Bank and the Saurashtra Bank", the words "and the Hyderabad Bank" shall be substituted; (ii) for the words, "the Hyderabad Bank or the Saurashtra Bank", the words "or the Hyderabad Bank" shall be substituted. Section 6 - Amendment of section 42 In the Subsidiary Banks Act, in section 42, for the words ", the Hyderabad Bank or the Saurashtra.....
View Complete Act List Judgments citing this sectionState Bank of India Subsidiary Banks Act, 1959 Section 6
Title: Authorised Capital of New Banks
State: Central
Year: 1959
..... (4) Notwithstanding anything contained in sub-section (1), the State Bank may, with the. approval of the Reserve Bank, authorise a new bank to increase or reduce its authorised capital.] ______________________________ 1. Substituted for the following by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007). "(1) Subject to the provisions of this Act, the authorised capital of the State Bank of Mysore and the State Bank of Travancore shall be rupees two crores each. and the authorised capital of every other new bank shall be rupees one crore. (2) The authorised capital of every new bank shall be divided into shares of one hundred rupees each. (3) Notwithstanding anything contained in this section, the State Bank may, with the approval of the Reserve Bank, authorise a new bank to increase or reduce its authorised capital; Provided that where the authorised capital is so increased, the shares issued shall be of the denomination specified in sub-section (2)."
View Complete Act List Judgments citing this sectionState Bank of India Subsidiary Banks Act, 1959 Chapter IV
Title: Shares of the Subsidiary Banks
State: Central
Year: 1959
.....shares] of that subsidiary bank. _____________________________ 1. Substituted by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) for the words "fifty-five per cent, of the issued capital" Section 18A - Right of registered shareholder to nominate 1[18A. Right of registered shareholder to nominate.- (1) Every individual registered shareholder of a subsidiary bank may, at any time, nominate, in the prescribed manner, an individual to whom all his rights in the shares shall vest in the event of his death. (2) Where the shares are registered in the name of more than one individual jointly, the joint holders may together nominate in the prescribed manner, an individual to whom all their rights in the shares shall vest in the event of the death of all the joint holders. (3) Notwithstanding anything contained in any other law for the time being in force or in any disposition, whether testamentary or otherwise, in respect of such shares where a nomination made in the prescribed manner purports to confer on any individual the right to vest the shares, the nominee shall, on the death of the shareholder or, as the case may be, on.....
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