Section 19
Restriction on voting rights. Repealed
The State Bank of India (Subsidiary Banks) Act, 1959
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.
1[19. Restriction on voting rights.--No shareholder, other than the State Bank, 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 of the subsidiary bank concerned:
Provided that the shareholder holding any preference share capital in the subsidiary bank shall, in respect of such capital, have a right to vote only on resolutions placed before such subsidiary bank which directly affect the rights attached to his preference shares:
Provided further that no preference shareholder shall be entitled to exercise voting rights in respect of preference shares held by him in excess of ten per cent. of the total voting rights of all the shareholders holding preference share capital only.]
Provided that the shareholder holding any preference share capital in the subsidiary bank shall, in respect of such capital, have a right to vote only on resolutions placed before such subsidiary bank which directly affect the rights attached to his preference shares:
Provided further that no preference shareholder shall be entitled to exercise voting rights in respect of preference shares held by him in excess of ten per cent. of the total voting rights of all the shareholders holding preference share capital only.]
Notes
1.Subs. by s. 10, ibid., for section 19 (w.e.f. 9-7-2007).