Section List

23/1955 - The State Bank of India Act, 1955 ▶

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 Number	Title	Actions
1	Short title and commencement.
2	Definitions.
3	Establishment of the State Bank.
4	Authorised capital.
5	Issued capital.
6	Transfer of assets and liabilities of the Imperial Bank to the State Bank.
7	Transfer of service of existing officers and employees of the Imperial Bank to the State Bank.
8	Existing provident and other funds of the Imperial Bank.
9	Compensation to be given to shareholders of Imperial Bank.
10	Transferability of shares.
10A	Right of registered shareholders to nominate.
11	Restrictions on voting rights.
12	Shares to be approved securities.
13	Register of shareholders.
13A	Register of beneficial owners.
16	Offices, branches and agencies.
17	Management.
18	Central Board to be guided by directions of Central Government.
19	Composition of the Central Board.
19A	Qualifications for election of directors elected by shareholders.
19B	Power of Reserve Bank to appoint additional directors.
20	Term of office of chairman, managing director, etc.
21	Local Boards.
21A	Term of office of members of Local Board.
21B	Powers of Local Board.
21C	Local Committees.
23	Vacation of office of directors, etc.
24	Removal from office of directors, etc.
24A	Suppression of Central Board in certain cases.
25	Casual vacancies.
26	Remuneration of directors.
27	Powers and remuneration of chairman.
30	Executive and other committees of the Central Board.
31	Meetings of the Central Board.
31A	Meetings of Local Boards.
32	State Bank to act as agent of the Reserve Bank.
33	Other business which the State Bank may transact.
34	Business which the State Bank may not transact.
35	State Bank may acquire the business of other Banks.
35A	Arrangement with the State Bank on appointment of directors to prevail.
36	Integration and Development Fund.
37	Reserve Fund.
38	Disposal of profits.
38A	Transfer of unpaid or unclaimed dividend.
39	Books to be balanced each year.
40	Returns.
41	Audit.
42	Balance sheet, etc., of State Bank may be discussed at general meeting.
43	State Bank may appoint officers and other employees.
43A	Bonus.
44	Obligation as to fidelity and secrecy.
45	Bar to liquidation of State Bank.
46	Indemnity of directors and members of Local Boards and Local Committees, etc.
47	Defects in appointment or constitution not to invalidate acts or proceedings.
50	Power of Central Board to make regulations.
51	Requirements of foreign law to be complied with in certain cases.
56	References to the Imperial Bank, the Bank of Bengal, etc., in other laws.
57	Dissolution of Imperial Bank, etc.
22	Disqualifications for directorship of Central Board or membership of Local Boards or Committees.
28	Omitted .
29	Powers and remuneration of managing director .
48	Omi tted .
49	Power of Central Government to make rules.
52	Omitte d .
53	Repealed .
54	Repealed .
55	No proceeding to lie in India against Imperial Bank after appointed day.
14	Omitted.
15	Trusts not to be entered on the register of shareholders.