Section 42
Temporary provision regarding existing auditors. Repealed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.
If, on the appointed day, any
appointment of an auditor made by, or in respect of, an existing bank 1
[or the Hyderabad Bank], as the
case may be, is subsisting, the State Bank may, on or after such day, either confirm the appointment in
accordance with the provisions of this Act, subject to such modifications of the terms and conditions
of the appointment, as it may deem necessary, or terminate the appointment; and may, if it so
terminates the appointment, fix such remuneration as appears to it to be reasonable having regard to
the work already done, functions discharged, or duties performed by the auditor concerned.
Notes
1. Subs. by Act 48 of 2009, s. 6, for ", the Hyderabad Bank or the Saurashtra Bank" (w.e.f. 1-6-2010).