Title : Amendment of Section 10
State : Central
Year : 2007
In section 10 of the State Bank of Hyderabad 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 Hyderabad 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 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..... View Complete Act List Judgments citing this sectionTitle : Substitution of New Section for Section 6
State : Central
Year : 2007
For section 6 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959) [hereafter in this Chapter referred to as the State Bank of India (Subsidiary Banks) Act], the following section shall be substituted, namely:-- "6. Authorised caption of new bank-(1) Subject to the provisions of this Act, the authorised capital of every new bank shall be rupees five hundred crores. (2) The authorised capital of every new bank shall be divided into shares of one hundred rupees each or of such denomination as the new bank may, with the approval of the State Bank, decide. (3) Every new bank may issue the certificates of shares of equivalent values of such denomination as the new bank may, decide, with the approval of the State Bank, in accordance with the procedure as may be..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 7
State : Central
Year : 2007
In section 7 of the State Bank of India (Subsidiary Banks) Act,-- (a) after sub-section (1), th'e following sub-section shall be inserted, namely:-- "(1A) Notwithstanding anything contained in sub-section (1), the issued capital of a new 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 6."; (b) for sub-sections (4) and (5), the following sub-sections shall be substituted, namely:-- "(4) A new 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 prescribed,..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 18a
State : Central
Year : 2007
After section 18 of the State Bank of India (Subsidiary Banks) Act, the following section shall be inserted, namely:-- "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..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 21
State : Central
Year : 2007
Section 21 of the State Bank of India (Subsidiary Banks) Act shall be numbered as sub-section (1) thereof and after sub-section (1) as so numbered, the following sub-sections shall be inserted, namely:-- "(2) Notwithstanding anything contained in sub-section (1), it shall be lawful for a subsidiary bank to keep the register of shareholders in computer floppies or diskettes or any other electronic form subject to such safeguards as may be prescribed. (3) Notwithstanding anything contained in the Indian Evidence Act, 1872 (1 of 1872), a copy of, or extract from, the register of shareholders, certified to be a true copy under the hand of any officer of the subsidiary bank authorised in this behalf shall in all legal proceedings, be admissible in evidence.". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 50
State : Central
Year : 2007
In section 50 of the State Ban]k of India (Subsidiary Banks) Act, after sub-section (1), the following sub-section shall be inserted, namely:-- "(1A) The officers, advisers and employees of the subsidiary bank concerned shall individually or jointly, or with other officers, advisers and employees in a committee exercise such powers and perform such duties as may, by general or special order, be entrusted or delegated to them by the Board of Directors or its Executive Committee.". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 18
State : Central
Year : 2007
In section 18 of the State Bank of India (Subsidiary Banks) Act, in sub-section (2), for the words "fifty-five per cent, of the issued capital", the words "fifty-one per cent. of the issued capital consisting of equity shares" shall be substituted. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 22
State : Central
Year : 2007
In section 22 of the State Bank of India (Subsidiary Banks) Act, for the words and figures "Notwithstanding anything contained in section 19, no notice of any trust,", the words "No notice of any trust," shall be substituted. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 39
State : Central
Year : 2007
In section 39 of the State Bank of India (Subsidiary Banks) Act, for the word "December", the word "March" shall be substituted. View Complete Act List Judgments citing this sectionTitle : Substitution of New Section for Section 5
State : Central
Year : 2007
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 be rupees five hundred crores. (2) The authorised capital of the Saurashtra Bank shall be divided into shares of one hundred rupees each or of such denomination as the Saurashtra Bank may, with the approval of the State Bank, decide. (3) The Saurashtra Bank may issue the certificates of shares of equivalent values of such denomination as the Saurashtra Bank may decide with the approval of the State Bank, in accordance with the procedure as may be specified by regulations made under..... View Complete Act List Judgments citing this section