Section 51
Requirements of foreign law to be complied with in certain cases.
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[51. Requirements of foreign law to be complied within certain cases.--If, according to the laws
of any country outside India, the provisions of this Act by themselves are not effective to transfer to and
vest in the State Bank any asset or liability which forms part of the undertaking of the Imperial Bank and
which is situate in that country, the Imperial Bank shall take all such steps as may be required by the laws
of that country for the purpose of effecting or perfecting such transfer and vesting, and in connection
therewith the Imperial Bank may realise any asset and discharge any liability and transfer the net proceeds
thereof to the State Bank.]
Notes
1. Subs. by Act 33 of 1955, s. 5, for section 51 (w.e.f. 1-4-1957).