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Home Bare Acts Phrase: subsidiary Page 1 of about 1,136 results (0.009 seconds)State 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 Subsidiary Banks Act, 1959 Chapter V
Title: Management of Subsidiary Banks
State: Central
Year: 1959
.....things as may be exercised or done by that bank. (3) The Board of Directors of a subsidiary bank shall, in discharging its functions under this Act, act on business principles, regard being had to public interest. ________________________ 1. Substituted fur the words "general manager" by the State Bank Laws (Amendment) Act, 1973(48 of 1973), Section 21 w.e.f. 1-7-1974. Section 25 - Composition Of The Board Of Directors (1) Subject to the provisions of sub-section (2) the Board of Directors of a subsidiary bank shall consist of the following:-- 4[(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;] 1[(aa) the managing director appointed under sub-section (1) of section 29 or under section 32;] 5(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) not more than five directors to be nominated by the State Bank of whom not more than three shall be officers of that bank: 2Provided that any.....
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 sectionState Bank of India Subsidiary Banks Act, 1959 Chapter VI
Title: Business of Subsidiary Banks
State: Central
Year: 1959
.....carrying on the business of banking. _____________________________ 1. Substituted by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) for the words and figures "Banking Companies Act, 1949" Section 38A - Arrangement With Subsidiary Banks On Appointment Of Directors To Prevail 1[38A. Arrangement With Subsidiary Banks On Appointment Of Directors To Prevail (1) Where any arrangement entered into by a subsidiary bank with a company provides for the appointment by the subsidiary bank of one or more Directors of such company, such provision and any appointment of Directors made in pursuance thereof shall be valid and effective notwithstanding anything to the contrary contained in the Companies Act, 1956, or in any other law for the time being in force or in the memorandum, articles of association or any other instrument relating to the company and any provision regarding share qualification, age limit number of directorships, removal from office of Directors and such like conditions contained in any such law or instrument aforesaid, shall not apply to any Director appointed by the subsidiary bank in pursuance of the arrangement as.....
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.....
View Complete Act List Judgments citing this sectionState Bank of India Subsidiary Banks Act, 1959 Section 43
Title: Returns to Be Furnished by a Subsidiary Bank
State: Central
Year: 1959
.....Act 48 of 1973 Section 32 w.e.f. 31-12-1973. 5. Words "while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions" omitted by Banking Laws (Amendment) Act (81 of 1985), Section 3 w.e.f. 1-5-86, 6. Inserted by Banking, Public Financial Institutions and Negotiable Instruments Laws (Amendment) Act 166 of 1988) Section 21 w.e.f. 30-1-88. 7. Substituted by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) for the word "December" 8. Substituted for the following by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) "(2) The balance sheet and the profit and loss account of a subsidiary bank shall be signed by the general manager and a majority of the directors of the subsidiary bank."
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 38A
Title: Arrangement with Subsidiary Banks on Appointment of Directors to Prevail
State: Central
Year: 1959
.....(2) Any Director appointed as aforesaid shall-- (a) hold office during the pleasure of the subsidiary bank and may be removed or substituted by any person by order in writing of the subsidiary bank; (b) not incur any obligation or liability by reason only of his being a Director or for anything done or omitted to be done in good faith in the discharge of his duties as a Director or anything in relation thereto; (c) not be liable to retirement by rotation and shall not be taken into account for computing the number of Directors liable to such retirement. __________________________ 1. Inserted by the Banking Law, (Amendment) Act, 1983 of 1984), Section 50 w.e.f. 15-2-1984.
View Complete Act List Judgments citing this sectionState Bank of India Subsidiary Banks Act, 1959 Section 37
Title: Other Business Which a Subsidiary Bank May Transact
State: Central
Year: 1959
.....carry on and transact the business of banking as defined in clause (b) of section 5 of the Banking Regulation Act, 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.] (2) The Central Government may, after consultation with the Reserve Bank and the State Bank, by order in writing-- (a) authorise subsidiary bank to do such other forms of business as the Central Government may consider necessary or expedient; (b) direct that any form of business as is mentioned in the order shall be carried on subject to such restrictions, conditions and safeguards as may be specified therein; or (c) prohibit a subsidiary bank from carrying on or transacting any form of business which, but for this clause, it is lawful for the subsidiary bank to engage in. (3) Save as otherwise provided in sub-section (2), a subsidiary bank shall not engage in any form of business other than that referred to in sub-section (1). ________________________ 1. Substituted for sub-section(1) by the State Bank Laws (Amendment) Act, 1973 (43 of 1973), Section 29 w.e.f. 31-12-1973.
View Complete Act List Judgments citing this sectionState Bank of India Subsidiary Banks Act, 1959 Section 3A
Title: Change or Name of a Subsidiary Bank
State: Central
Year: 1959
1[3A. Change Or Name Of A Subsidiary Bank (1) The Central Government after consulting the State Bank and the Reserve Bank may, by notification in the Official Gazette direct that the name of any subsidiary bank shall, with effect from such date as may be specified in this behalf, be changed to any other name and thereupon any reference 10 that subsidiary bank in this Act or any other law for the time being in force or in any contract, instrument or document shall be construed as a reference to that bank by its new name. (2) The change in the name of a subsidiary bank under sub-section (1) shall not affect any rights or obligations of that bank or render defective any legal proceedings by or against it, and any legal proceedings which might have been continued or commenced by or against that bank by its former name may be continued by or against it by its new name.] ____________________ 1. Inserted by the State-Associated Banks (Miscellaneous Provisions) Act, 1962 (56 of 1962), Section3 w.e.f. 14-12-1962.
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