Section 10
Transferability of shares.
The State Bank of India Act, 1955
About this Act
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.
(1) Save as otherwise provided in sub-section (2), the shares of the
State Bank shall be freely transferable.
(2) Nothing contained in sub-section (1) shall entitle the 1[Central Government] to transfer any shares held by it in the State Bank if such transfer will result in reducing the shares held by it to less than 2[fifty-one per cent. of the issued capital consisting of equity shares,] of the State Bank.
(2) Nothing contained in sub-section (1) shall entitle the 1[Central Government] to transfer any shares held by it in the State Bank if such transfer will result in reducing the shares held by it to less than 2[fifty-one per cent. of the issued capital consisting of equity shares,] of the State Bank.
Notes
1. Subs. by Act 32 of 2007, s. 4, for "Reserve Bank" (w.e.f. 29-6-2007).
2. Subs. by 27 of 2010, s. 5, for "fifty-five per cent. of the issued capital" (w.e.f. 15-9-2010).
2. Subs. by 27 of 2010, s. 5, for "fifty-five per cent. of the issued capital" (w.e.f. 15-9-2010).