Act Number: 23

Act Name: The State Bank of India Act, 1955

Year: 1955

Enactment Date: 1955-05-08

Long Title: An Act to constitute a State Bank for India, to transfer to it the undertaking of the Imperial Bank of India and to provide for other matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 11: Restrictions on voting rights.
    1[11. Restrictions on voting rights.--No shareholder, other than the 2[Central Government], 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:
     Provided that such shareholder shall be entitled to exercise voting rights at such higher percentage as the Central Government may, after consultation with the 2[Central Government], specify.]
     3[Provided further that the shareholder holding any preference share capital in the State Bank shall, in respect of such capital, have a right to vote only on resolutions placed before the State Bank which directly affect the rights attached to his preference shares:
     Provided also that no preference shareholder, other than the Central Government, shall be entitled to exercise voting rights in respect of preference shares held by him in excess of ten per cent, of total voting rights of all the shareholders holding preference share capital only.]
Notes:
1. Subs. by Act 3 of 1994, s. 3, for section 11 (15-10-1993).
2. Subs. by Act 32 of 2007, s. 5, for "Reserve Bank" (w.e.f. 29-6-2007).
3. Ins. by Act 27 of 2010, s. 7 (w.e.f. 15-9-2010).
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