Section 34
Business which the State Bank may not transact.
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***(6) Save as otherwise provided in 2[this Act] the State Bank shall not own or, acquire any 3*** immovable property except for the purpose of providing buildings or other accomodation in which to
carry on the business of the State Bank or for providing residences for its officers and other employees:
Provided that if any such building or other accommodation is not immediately required for any of the purposes of the State Bank, the State Bank may utilise it to the best advantage by letting it out or in any other manner.
Provided that if any such building or other accommodation is not immediately required for any of the purposes of the State Bank, the State Bank may utilise it to the best advantage by letting it out or in any other manner.
Notes
1. Sub-sections (1), (2), (3) or (5) omitted by s. 13, ibid. (w.e.f. 1-3-1977).Earlier sub-section (3) was substituted for sub-sections
(3) or (4) by Act 29 of 1959, s. 5 (w.e.f. 1-3-1977).
2. Subs. by Act 56 of 1962, s.2, for "section 33" (w.e.f. 1-1-1963).
3. The words "interest in" omitted by s. 2, ibid. (w.e.f. 1-1-1963).
2. Subs. by Act 56 of 1962, s.2, for "section 33" (w.e.f. 1-1-1963).
3. The words "interest in" omitted by s. 2, ibid. (w.e.f. 1-1-1963).