Section 11
Restrictions on voting rights.
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[11. Restrictions on voting rights.--No shareholder, other than the 2[Central Government], shall be
entitled to exercise voting rights in respect of any shares held by him in excess of ten per cent. of the
issued capital:
Provided that such shareholder shall be entitled to exercise voting rights at such higher percentage as the Central Government may, after consultation with the 2[Central Government], specify.]
3[Provided further that the shareholder holding any preference share capital in the State Bank shall, in respect of such capital, have a right to vote only on resolutions placed before the State Bank which directly affect the rights attached to his preference shares:
Provided also that no preference shareholder, other than the Central Government, shall be entitled to exercise voting rights in respect of preference shares held by him in excess of ten per cent, of total voting rights of all the shareholders holding preference share capital only.]
Provided that such shareholder shall be entitled to exercise voting rights at such higher percentage as the Central Government may, after consultation with the 2[Central Government], specify.]
3[Provided further that the shareholder holding any preference share capital in the State Bank shall, in respect of such capital, have a right to vote only on resolutions placed before the State Bank which directly affect the rights attached to his preference shares:
Provided also that no preference shareholder, other than the Central Government, shall be entitled to exercise voting rights in respect of preference shares held by him in excess of ten per cent, of total voting rights of all the shareholders holding preference share capital only.]
Notes
1. Subs. by Act 3 of 1994, s. 3, for section 11 (15-10-1993).
2. Subs. by Act 32 of 2007, s. 5, for "Reserve Bank" (w.e.f. 29-6-2007).
3. Ins. by Act 27 of 2010, s. 7 (w.e.f. 15-9-2010).
2. Subs. by Act 32 of 2007, s. 5, for "Reserve Bank" (w.e.f. 29-6-2007).
3. Ins. by Act 27 of 2010, s. 7 (w.e.f. 15-9-2010).