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 32: Appointment of another person for discharging the duties of managing director during his absence.
    If the 1 [managing directo]r of a subsidiary bank is rendered incapable of discharging his duties by reason of infirmity or otherwise or is absent on leave or otherwise in circumstances not involving the vacation of his office, the State Bank may appoint another person to officiate for the 1 [managing director] until the date on which the 1 [managing director] resumes duty.
Notes:
1. Subs. by Act 48 of 1973, s. 21, for "general manager" (w.e.f. 1-7-1974).
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