Section 12
Shares to be approved securities.
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.
Notwithstanding anything contained in the Acts hereinafter
mentioned in this section, the shares of the State Bank shall be deemed to be included among the
securities enumerated in section 20 of the Indian Trusts Act, 1882 (2 of 1882), and also to be approved
securities for the purposes of the Insurance Act, 1938 (4 of 1938), and the 1[Banking Regulations Act,
1949 (10 of 1949)].
Notes
1. Subs. by Act 3 of 1994, s. 4, for "Banking Companies, 1949" (w.e.f. 15-10-1993).