Bare Act Search Results

State Bank of India Subsidiary Banks Act, 1959 Chapter VIII

Title: Miscellaneous

State: Central

Year: 1959

.....or gains of the subsidiary bank. ________________________________ 1. Substituted by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) for the words and figures "Indian Income-tax Act, 1922" Section 49 - Special Provision Regarding Existing Officers And Employees (1) Notwithstanding anything contained in any of the other provisions of this Act, or in any other law or in any contractor service or other document, no appointment made or promotion, increment in salary, pension or allowance or any other benefit granted to any person by an existing bank 1[***] after the 10th day of Feb., 1958, and before the appointed day, which would not ordinarily have been made or granted or which would not ordinarily have been admissible under the rules or authorisations of the said banks or of any provident, pension or other fund in force before the 10th day of February, 1958, shall have effect or be payable or claimable from the subsidiary bank concerned, or from any provident, pension or other fund or from any authority administering any such fund, unless the State Bank has, with the approval of the Reserve Bank, by a general or special order,.....

State Bank of India Subsidiary Banks Act, 1959 Section 48

Title: Cost of Development Programme

State: Central

Year: 1959

(1) A subsidiary bank may accept any subsidies offered by the State Bank to meet-- (a) the cost of the whole or any part of any specific programme of development undertaken by that subsidiary bank with the approval of the State Bank; and (b) such losses or expenditure as may be approved by the State Bank, with the consent of the Reserve Bank. (2) For the purposes of the 1[Income tax-Act, 1961], any subsidy received by a subsidiary bank under sub-section (1) shall not be treated us income, profits or gains of the subsidiary bank. ________________________________ 1. Substituted by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) for the words and figures "Indian Income-tax Act, 1922"

State Bank of India (Subsidiary Banks) Act, 1959 Complete Act

State: Central

Year: 1959

.....debts, liabilities and obligations of whatever kind, then existing of that bank. (3) Without prejudice to the other provisions contained in this Act, all contracts, deeds, bonds, agreements, powers of attorney grants of legal representation and other instruments of whatever nature, subsisting or having effect immediately before the appointed day and to which any existing bank is a party, or which are in favour of that bank, shall be of full force and effect against or in favour of the corresponding new bank, as the case may be, and may be enforced or acted upon as fully and effectually as if Instead of the existing bank the corresponding new bank had been a party thereto or as if they had been issued in favour of the corresponding new bank. (4) If on the appointed day, any suit, appeal or other legal proceeding of whatever nature by or against an existing bank is pending, the same shall not abate be discontinued or be in any way prejudicially affected by reason of transfer to the corresponding new bank of the undertaking of the existing bank, or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or.....

Bombay Habitual Offenders Act, 1959 Complete Act

State: Maharashtra

Year: 1959

.....law shall be deemed to be inoperative while the order under such law remains in force. SECTION 27: REPEAL AND SAVINGS On the commencement of this Act, the following Acts, that is to say," (1) the Bombay Habitual Offenders Restriction Act, 1947, (2) the Hyderabad Habitual Offenders (Restriction and Settlement) Act, 1954, and (3) the Saurashtra Habitual Offenders Restriction Act, 1951 shall stand repealed : Provided that such repeal shall not affect " (a) the previous operation of any Act so repealed, or anything duly done or suffered thereunder; (b) any right, privilege, obligation or liability acquired, accrued or incurred under any Act so repealed ; (c) any penalty, forfeiture or punishment incurred in respect of any offence committed against any Act so repealed ; (d) any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment as aforesaid ; and any such investigation, legal proceeding or remedy may be instituted, continued or enforced and any such penalty, forfeiture or punishment may be imposed, as if this Act had not been passed : Provided further that , subject to the proceeding proviso,.....

State 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.....

State Bank of India Subsidiary Banks Act, 1959 Section 28

Title: Vacation of Office of Directors

State: Central

Year: 1959

If a director of a subsidiary bank-- (a) is, or has become, subject to any of the disqualification mentioned in section 27; or (b) resigns his office by giving notice in writing under his hand, in the case of a nominated director to the State Bank, and in the case of an elected director to the Board of Directors of the subsidi­ary bank, and his resignation is accepted, or (c) is absent without leave of the Board of Directors for more than three consecutive meetings thereof: his seat on the Board of Directors shall thereupon become vacant: Provided that nothing in Clause (b) or Clause (c) shall apply to a director referred to in clause (b) of sub-section (1) of section 25 or to a director, being an officer of the State Bank, nominated under clause (c) or to a director, being an officer of the Central Government nominated under clause (e) of that sub-section.

Karnataka Co-operative Societies Act, 1959 Chapter VI

Title: State Aid to Co-operative Societies

State: Karnataka

Year: 1959

.....as provided in sub-section (3), the State Government shall notbe entitled to any other return on the moneys provided by it to an apex society under section 42. Section 50 - Disposal of 'Principal State Partnership Fund' and 'Subsidiary State Partnership Fund' on winding up of an apex or a central society (1) If an apex society which has established a 'Principal State Partnership Fund' is wound up or is dissolved, all moneys to the credit of, or payable to, that Fund shall be paid to the State Government. (2) If a central society which has established a 'Subsidiary StatePartnership Fund' is wound up or is dissolved all moneys, to the credit of, or payable to, that Fund shall be paid and credited to the 'Principal State Partnership Fund' from which it received moneys under clause (b) of subsection (2) of section 43. Section 51 - Principal State Partnership Fund and Subsidiary State Partnership Fund not to form part of assets Any amount to the credit of a 'Principal State Partnership Fund' or a 'Subsidiary State Partnership Fund' shall not form part of the assets of the apex society or the central society, as the case may be. Section 52 - Agreement by State Government.....

Karnataka Co-operative Societies Act, 1959 Section 53

Title: Other Forms of State Aid to Co-operative Societies

State: Karnataka

Year: 1959

Notwithstanding anything contained in any law for the time being in force, the State Government may,-- (a) give loans or make advances to co-operative societies; (b) guarantee the repayment of principal and payment of interest ondebentures issued by a co-operative society; (c) guarantee the repayment of share capital of a co-operative societyand dividends thereon at such rates as may be specified by the State Government; (d) guarantee the repayment of principal and payment of interest on loansand advances to a co-operative society; and (e) give financial assistance in any other form, including subsidies, toany co-operative society.

Karnataka Co-operative Societies Act, 1959 Chapter VIII

Title: Audit, Inquiry, Inspection and Surcharge

State: Karnataka

Year: 1959

.....such co-operative society or who is or has at any time been an officer or an employee of a co-operative society has made any payment contrary to the Act, the rules or the bye-laws or has caused any deficiency in the assets of the co-perative society by breach of trust or 2 [x x x] negligence or has misappropriated or fraudulently retained any money or other property belonging to such co-operative society, the Registrar may, of his own motion or on an application of the Committee, Liquidator or any creditor, frame charges against such person or persons and after giving such person and in the case of a deceased person, to his representative who inherits his estate, an opportunity of making representation, make an order requiring him to pay or restore the money or property or any part thereof with interest at such rate as he may determine or to contribute such sum to the assets of the co-operative society by way of compensation to such extent as he may consider just and equitable. (2) This section shall apply, notwithstanding that the act is one for whichthe person concerned may be criminally liable.] 3 [(3) The order made by the Registrar under sub-section (1) may also provide.....

Karnataka Co-operative Societies Act, 1959 Section 63

Title: Audit

State: Karnataka

Year: 1959

.....or expedient to re-audit any account of a society, the State Government may, by an order provide for such re-audit and the provisions of the Act and the rules applicable to the audit shall apply to such re-audit: Provided that such a re-audit shall not be ordered in respect of any year for which an audit report was issued more than three years prior to the date of such order: Provided also that such re-audit shall be ordered only when there is a prima-facie case of fraud or mis-appropriation or embezzlement of funds not detected or properly examined by the auditor during regular audit or misclassification of accounts or for any other valid reasons with a view to truely reflect the financial position of the society; (11) Notwithstanding anything contained in the preceding sub-sections,the Director of Co-operative Audit shall have power to re-examine or reverify the audited accounts of any co-operative society pertaining to any year and incorporate the lapses observed during such re-examination or re-verification in the next audit report to be issued.] _________________________ 1. Substituted by Act 25 of 1998 w.e.f. 15.8.1998. 2. Substituted by Act 5 of 1984.....