Section 55

Companies Act, 1956, and Banking Regulation Act, 1949, not to apply to certain existing banks. Repealed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
    Subject to the provisions of this Act and unless the Central Government, by notification in the Official Gazette, otherwise directs, on and from the appointed day, the provisions of the Companies Act, 1956 (1 of 1956), and the 1[Banking Regulation Act, 1949 (10 of 1949)], shall not apply to an existing bank, in so far as the said provisions impose any obligation on, or require anything to be done by, any such bank.

Notes

1. Subs. by Act 30 of 2007, s. 25, for "Banking Companies Act" (w.e.f. 9-7-2007).
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