Section 9

Transfer of shares of existing banks to State Bank. Repealed

The State Bank of India (Subsidiary Banks) Act, 1959

  • Act 38 of 1959
  • Ministry of Finance
  • Department of Financial Services
About this Act

An Act to provide for the formation of certain Government or Government associated banks as subsidiaries of the State Bank of India and for the constitution, management and control of the subsidiary banks so formed, and for matters connected therewith, or incidental thereto.

All sections
    On the constitution of a new bank, all shares in the capital of the corresponding bank, where such corresponding bank has a share capital, shall stand transferred to, and shall vest in, the State Bank, free of all trusts, liabilities and encumbrances.
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