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Start Free TrialState Bank of India Act, 1955 Chapter 8
Title: Miscellaneous
State: Central
Year: 1955
.....on the ground merely of the existence of any vacancy or defect in the Constitution of the Board or Committee, as the case may be. (2) All acts done by any person acting in good faith as a director or as a member of a Local Board or of a Local Committee shall, notwithstanding that there was some defect in his appointment or qualifications, be as valid as if he was a director of the Central Board or a member of the Local Board or the Local Committee, as the case may be. Section 48 - Power to remove difficulties [Repealed] [Rep. by the State Bank of India (Amendment) Act, 1964 (35 of 1964), Section 15 (w.e.f. 1st December, 1964).] Section 49 - Power of Central Government to make rules (1) The Central Government, in consultation with the Reserve Bank, may, by notification in the Official Gazette,1[make rules to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for-- (a) the procedure for the payment of compensation under this Act; (b) the determination of persons to whom.....
View Complete Act List Judgments citing this sectionState Bank of India Act, 1955 Section 44
Title: Obligation as to Fidelity and Secrecy
State: Central
Year: 1955
(1) The State Bank shall observe, except as otherwise required by law, the practices and usages customary among bankers, and, in particular, it shall not divulge any information relating to or to the affairs of its constituents except in circumstances in which it is, in accordance with the law or practice and usage customary among bankers, necessary or appropriate for the State Bank to divulge such information. (2) Every director, member of a Local Board or of a Local Committee, auditor advisor officer or other employee of the State Bank shall, before entering upon his duties make a declaration of fidelity and secrecy as in the form set out in the Second Schedule. 1"(3) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information Companies (Regulation) Act, 2005. __________________________ 1. Inserted vide Credit Information Regulation Act, 2005.
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