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 27: Powers and remuneration of chairman.
    (1) The Chairman shall preside at all meetings of the Central Board and subject to such general or special directions as the Central Board may give, exercise all such powers and do all such acts and things as may be exercised or done by the State Bank.
     (2) The chairman shall receive such salary, fees, allowances and perquisites 1[as may be determined by the Central Government].
     2*                                 *                                 *                                 *                                 *
Notes:
1. Subs. by Act 73 of 1976, s. 4, for certain words (w.e.f. 11-6-1976).
2. The proviso omitted by s. 4, ibid. (w.e.f. 11-6-1976).

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