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 12: Shares to be approved securities.
    Notwithstanding anything contained in the Acts hereinafter mentioned in this section, the shares of the State Bank shall be deemed to be included among the securities enumerated in section 20 of the Indian Trusts Act, 1882 (2 of 1882), and also to be approved securities for the purposes of the Insurance Act, 1938 (4 of 1938), and the 1[Banking Regulations Act, 1949 (10 of 1949)].
Notes:
1. Subs. by Act 3 of 1994, s. 4, for "Banking Companies, 1949" (w.e.f. 15-10-1993).
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