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 21A: Term of office of members of Local Board.
    1[21A. Term of office of members of Local Board.--2[(1) Subject to the provisions contained in this section and in sub-section (2) of section 21, a member of a Local Board--
         (a) nominated under clause (c) of sub-section (1) of section 21 shall hold office for such term, not exceeding three years, as the Central Government may specify in this behalf 3***;
        (b) elected under clause (d) of sub-section (1) of section 21 shall hold office for three years and 4***,
and shall be eligible for re-nomination or re-election, as the case may be:
     Provided that no such director shall hold office continuously for a period exceeding six years.]
    5*                            *                            *                            *                            *
     (3) A director of the Central Board becoming a member of a Local Board by virtue of the provisions of clause (b) of sub-section (1) of section 21 shall cease to hold office as such member on his ceasing to be a director or on his ceasing to be ordinarily resident in the relevant area.
     (4) The president and the vice-president of a Local Board shall each hold office for two years or the remaining period of his office as a member of the Local Board, whichever is shorter, and shall be eligible for re-appointment so long as he is a member of the Local Board.
     6[(5) A member of a Local Board nominated under clause (c) of sub-section (1) of section 21 shall hold office during the pleasure of the Central Government.]
Notes:
1. Ins. by Act 35 of 1964, s. 6 (w.e.f. 1-12-1964).
2. Subs. by Act 66 of 1988, s. 13, for sub-section (1) (w.e.f. 15-10-1993).
3. The words ''and thereafter until his successor has been duly nominated'' omitted by Act 45 of 2006, s. 15 (w.e.f. 16-10-2006).
4. The words ''and thereafter until his successor has been duly nominated'' omitted by Act 45 of 2006, s. 15 (w.e.f. 16-10-2006).
5. Omitted by Act 3 of 1994, s. 11 (w.e.f. 15-10-1993).
6. Ins. by Act 66 of 1988, s. 13 (w.e.f. 8-7-1992).
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