Act Number: 38

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

Year: 1959

Enactment Date: 1959-09-10

Long Title: 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.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 55: Companies Act, 1956, and Banking Regulation Act, 1949, not to apply to certain existing banks.
    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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