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Start Free TrialState 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.....
View Complete Act List Judgments citing this sectionState 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.....
View Complete Act List Judgments citing this sectionState 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.....
View Complete Act List Judgments citing this sectionThe State Bank of India (Amendment) Act, 2010 No. 27 of 2010[24th August, 2010.] Complete Act
Title: The State Bank of India (Amendment) Act, 2010 No. 27 of 2010[24th August, 2010.]
State: Central
Year: 2010
An Act further to amend the State Bank of India Act, 1955.BE it enacted by Parliament in the Sixty-first Year of the Republic of India as follows:- 1. Short title and commencement. - (1) This Act may be called the State Bank of India (Amendment) Act, 2010.(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 any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. 2. Amendment of section 2. - In section 2 of the State Bank of India Act, 1955 (hereinafter referred to as the principal Act), clause (i) shall be omitted. 3. Substitution of new section for section 4. - For section 4 of the principal Act, the following section shall be substituted, namely:-"4. Authorised capital. - Subject to the provisions of this Act, the authorised capital of the State Bank shall be five thousand crores of rupees divided into five hundred crores of fully paid-up shares of ten rupees each:Provided that the Central Board may reduce the nominal or face value of.....
List Judgments citing this sectionState Bank of India Act, 1955 Chapter 3
Title: Transfer of Undertaking of the Imperial Bank to State Bank
State: Central
Year: 1955
.....the State Bank shall be entitled to claim refund of any sum so paid if the payment is not confirmed by the Central Government by general or special order. Section 8 - Existing provident and other funds of the Imperial Bank For the persons who immediately before the appointed day are the trustees of the following funds, that is to say,-- (a) the Imperial Bank of India Employees' Provident Fund; (b) the Imperial Bank of India Employees' Pension and Guarantee Fund ; (c) the Bank of Bombay Officers' Pension and Guarantee Fund ; (d) the Bank of Madras Pension and Gratuity Fund; and (e) the Bank of Madras Officers' Provident and Mutual Guarantee Fund ; there shall be substituted as trustees such persons as the Central Government may, by general or special order, specify. Section 9 - Compensation to be given to shareholders of Imperial Bank (1) Every person who immediately before the appointed day is registered as a holder of shares in the Imperial Bank shall be entitled to compensation in accordance with the provisions contained in the First Schedule. (2) Nothing contained in sub-section (1) shall affect the rights inter se between the holder of any share in the.....
View Complete Act List Judgments citing this sectionState 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,.....
View Complete Act List Judgments citing this sectionState Bank of India Subsidiary Banks Act, 1959 Section 14
Title: Compensation Payable by the State Bank in Respect of the Bank of Patiala, Bank and the Hyderabad Bank
State: Central
Year: 1959
.....by the State Bank, and shall be offered by it to the State Government of Punjab, 3[***], or the Reserve Bank, as the casemay be, in full satisfaction of the compensation payable under sub-section (1): Provided that in determining the amount of compensation to be offered to the Suite Government of Punjab 4[***], the State Bank shall consult the Reserve Bank. (3) If the amount of compensation offered by the State Bank in terms of sub-section (2) is not acceptable to the State Government of Punjab, 3[***] or the Reserve Bank as the vase may be, the State Government concerned or the Reserve Bank, may, before such date as may be notified] by the Central Government in the Official Gazette, request the Central Government to have the matter referred to the Tribunal for decision, and where any such request is received, the Central Government shall refer the mailer accordingly. (4) If, before the date notified under sub-section (3) the State Government of Punjab, 3[***] or the Reserve Bank as the case may be has not made any such request, the amount of compensation offered by the State Bank, and where a reference has been made to the Tribunal, the amount determined by it,.....
View Complete Act List Judgments citing this sectionState Bank of India Subsidiary Banks Act, 1959 Section 63
Title: Power of the State Bank to Make Regulations
State: Central
Year: 1959
.....Laws (Amendment) Act, 1983 (1 of 1984), Section 55 w.e.f.15-2-1984. 4. Substituted for the following by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) "(1) The State Bank may, with the approval of the Reserve Bank 1 [by notification in the official Gazette] make in respect of a subsidiary bank 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." 5. Inserted by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) 6. Substituted for the following by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) "(g) the maintenance of share register, and the particulars to be entered in such registers in addition to those specified in section 21, the inspection and closure of the registers and all other matters connected therewith;" 7. Substituted by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) for the words "made under this Act".
View Complete Act List Judgments citing this sectionState Bank of India Act, 1955 Section 35
Title: State Bank May Acquire the Business of Other Banks
State: Central
Year: 1955
.....law. (12) No action under this section shall be questioned on the ground merely of any defect in the constitution of any banking institution in relation to which such action has been taken or in the constitution of its Board of Directors or in the appointment of any person entrusted with the management of its affairs. (13) In this section "banking institution" includes any individual or any association of individuals (whether incorporated or not, or whether a department of Government or a separate institution), carrying on the business of banking.] ___________________ 1. Substituted by Act 26 of 1959, Section 6 (w.e.f. 10th September, 1959). 2. Substituted by Act No. 3 of 1994, Section 17, (w.e.f. 15th October, 1993).
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.....
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