Title : State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007
State : Central
Year : 2007
Preamble1 - STATE BANK OF INDIA (SUBSIDIARY BANKS LAWS) AMENDMENT ACT, 2007 Chapter I Section1 - Short title and commencement Chapter II Section2 - Substitution of new section for section 5 Section3 - Amendment of section 6 Chapter III Section4 - Substitution of new section for section 9 Section5 - Amendment of section 10 Chapter IV Section6 - Substitution of new section for section 6 Section7 - Amendment of section 7 Section8 - Amendment of section 18 Section9 - Insertion of new section 18A Section10 - Substitution of new section for section 19 Section11 - Amendment of section 21 Section12 - Amendment of section 22 Section13 - Amendment of section 25 Section14 - Insertion of new sections 25A and 25B Section15 - Amendment of section 27 Section16 - Amendment of section 34 ..... List Judgments citing this sectionTitle : Amendment of Section 34
State : Central
Year : 2007
In section 34 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 shall meet at such time and place and shall observe such rules of procedure in regard to the transaction of business at its meetings as may be prescribed; and the meeting of the Board of Directors may be held by participation of the directors of the Board through video-conferencing or such other electronic means, as may be prescribed, which are capable of recording and recognising the participation of the directors and the proceedings of such meetings are capable of being recorded and stored: Provided that the Central Government may in consultation with the Reserve Bank, by a..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 40a
State : Central
Year : 2007
After section 40 of the State Bank of India (Subsidiary Banks) Act, the following section shall be inserted, namely:-- '40A. Transfer of unpaid or unclaimed dividend to unpaid dividend account-(1) Where, after the commencement of the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007, a dividend has been declared by the subsidiary bank but has not been paid, or claimed, within thirty days from the date of declaration, to or by any shareholder entitled to the payment of the dividend, the subsidiary bank shall, within seven days from the date of the expiry of such period of thirty days, transfer the total amount of dividend which remains unpaid, or unclaimed within the said period of thirty days, to a special account to be called "unpaid dividend account..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 25
State : Central
Year : 2007
In section 25 of the State Bank of India (Subsidiary Banks) Act,-- (i) in sub-section (1)-- (a) for clause (a), the following clause shall be substituted, namely:-- "(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;"; (b) for clause (b), the following clause shall be substituted, namely:-- "(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) for clause (d), the following clause shall be substituted, namely:-- "(d) not more than three directors to be elected in the following manner, namely:-- (i) if the..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 35a
State : Central
Year : 2007
After section 35 of the State Bank of India (Subsidiary Banks) Act, the following section shall be inserted, namely:-- "35A. Supersession of Board of Directors in certain cases-(1) Where the Reserve Bank, on the recommendation of the State Bank is satisfied that in the public interest or for preventing the affairs of a subsidiary bank being conducted in a manner detrimental to the interest, of the depositors or the subsidiary bank or for securing the proper management of the subsidiary bank, it is necessary so to do, the Reserve Bank may, for reasons to be recorded in writing, by order, supersede the Board of Directors of the subsidiary bank for a period not exceeding six months as may be specified in the order: Provided that the period of supersession of the Board of Directors may..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Sections 25a and 25b
State : Central
Year : 2007
After section 25 of the State Bank of India (Subsidiary Banks) Act, the following sections shall be inserted, namely:-- "25A. Fit and proper status of an elected director-(1) The Directors to be elected under clause (d) of sub-section (1) of section 25 shall-- (a) have special knowledge or practical experience in respect of one or more of the following matters, namely:-- (i) agricultural and rural economy, (ii) banking, (iii) co-operation, (iv) economics, (v) finance, (vi) law, (vii) small-scale industry, (viii) any other matter the special knowledge of, and practical experience in, which would, in the opinion of the Reserve Bank, be useful to the subsidiary bank; (b) represent the interests of depositor\orkers and artisans. (2) Without prejudice to the..... View Complete Act List Judgments citing this sectionTitle : Substitution of New Section for Section 19
State : Central
Year : 2007
For section 19 of the State Bank of India (Subsidiary Banks) Act, the following section shall be substituted, namely:-- "19. Restriction on Voting rights-No shareholder, other than the State Bank, shall be entitled to exercise voting rights in respect of any shares held by him in excess of ten per cent. of the issued capital of the subsidiary bank concerned: Provided that the shareholder holding any preference share capital in the subsidiary bank shall, in respect of such capital, have a right to vote only on resolutions placed before such subsidiary bank which directly affect the rights attached to his preference shares: Provided further that no preference shareholder shall be entitled to exercise voting rights in respect of preference shares held by him in excess of ten per..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 43
State : Central
Year : 2007
In section 43 of the State Bank of India (Subsidiary Banks) Act,-- (a) in sub-section (1), in clause (a), for the word "December", the word "March" shall be substituted; (b) for sub-section (2), the following sub-section shall be substituted, namely.-- "(2) The balance-sheet and profit and loss account of the subsidiary bank shall be signed by persons holding the office of the chairman, managing director, and a majority of the other directors of the subsidiary bank in office.". View Complete Act List Judgments citing this sectionTitle : Short Title and Commencement
State : Central
Year : 2007
(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. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 6
State : Central
Year : 2007
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..... View Complete Act List Judgments citing this section