Act 23 of 1955

The State Bank of India Act, 1955

An Act to constitute a State Bank for India, to transfer to it the undertaking of the Imperial Bank of India and to provide for other matters connected therewith or incidental thereto.

  • Ministry of Finance
  • Department of Financial Services
  • Enacted 1955-05-08
  • 69 sections
SectionTitle
1 Short title and commencement.Read
2 Definitions.Read
3 Establishment of the State Bank.Read
4 Authorised capital.Read
5 Issued capital.Read
6 Transfer of assets and liabilities of the Imperial Bank to the State Bank.Read
7 Transfer of service of existing officers and employees of the Imperial Bank to the State Bank.Read
8 Existing provident and other funds of the Imperial Bank.Read
9 Compensation to be given to shareholders of Imperial Bank.Read
10 Transferability of shares.Read
10A Right of registered shareholders to nominate.Read
11 Restrictions on voting rights.Read
12 Shares to be approved securities.Read
13 Register of shareholders.Read
13A Register of beneficial owners.Read
14 Omitted. Read
15 Trusts not to be entered on the register of shareholders.Read
16 Offices, branches and agencies.Read
17 Management.Read
18 Central Board to be guided by directions of Central Government.Read
19 Composition of the Central Board.Read
19A Qualifications for election of directors elected by shareholders.Read
19B Power of Reserve Bank to appoint additional directors.Read
20 Term of office of chairman, managing director, etc.Read
21 Local Boards.Read
21A Term of office of members of Local Board.Read
21B Powers of Local Board.Read
21C Local Committees.Read
22 Disqualifications for directorship of Central Board or membership of Local Boards or Committees.Read
23 Vacation of office of directors, etc.Read
24 Removal from office of directors, etc.Read
24A Suppression of Central Board in certain cases.Read
25 Casual vacancies.Read
26 Remuneration of directors.Read
27 Powers and remuneration of chairman.Read
28 Omitted .Read
29 Powers and remuneration of managing director .Read
30 Executive and other committees of the Central Board.Read
31 Meetings of the Central Board.Read
31A Meetings of Local Boards.Read
32 State Bank to act as agent of the Reserve Bank.Read
33 Other business which the State Bank may transact.Read
34 Business which the State Bank may not transact.Read
35 State Bank may acquire the business of other Banks.Read
35A Arrangement with the State Bank on appointment of directors to prevail.Read
36 Integration and Development Fund.Read
37 Reserve Fund.Read
38 Disposal of profits.Read
38A Transfer of unpaid or unclaimed dividend.Read
39 Books to be balanced each year.Read
40 Returns.Read
41 Audit.Read
42 Balance sheet, etc., of State Bank may be discussed at general meeting.Read
43 State Bank may appoint officers and other employees.Read
43A Bonus.Read
44 Obligation as to fidelity and secrecy.Read
45 Bar to liquidation of State Bank.Read
46 Indemnity of directors and members of Local Boards and Local Committees, etc.Read
47 Defects in appointment or constitution not to invalidate acts or proceedings.Read
48 Omi tted .Read
49 Power of Central Government to make rules.Read
50 Power of Central Board to make regulations.Read
51 Requirements of foreign law to be complied with in certain cases.Read
52 Omitte d .Read
53 Repealed .Read
54 Repealed .Read
55 No proceeding to lie in India against Imperial Bank after appointed day.Read
56 References to the Imperial Bank, the Bank of Bengal, etc., in other laws.Read
57 Dissolution of Imperial Bank, etc.Read
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