The STATE BANK OF INDIA ACT, 1955

PRELIMINARY

Section 1 — Short title and commencement.

(1) This Act may be called the State Bank of India Act, 1955.

(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

Browse all 74 sections
  1. 1.Short title and commencement.
  2. 2.Definitions.
  3. 3.Establishment of the State Bank.
  4. 4.Authorised capital.
  5. 5.Issued capital.
  6. 6.Transfer of assets and liabilities of the Imperial Bank to the State Bank.
  7. 7.Transfer of service of existing officers and employees of the Imperial Bank to the State Bank.
  8. 8.Existing provident and other funds of the Imperial Bank.
  9. 9.Compensation to be given to shareholders of Imperial Bank.
  10. 10.Transferability of shares.
  11. 10A.Right of registered shareholders to nominate.
  12. 11.Restrictions on voting rights.
  13. 12.Shares to be approved securities.
  14. 13.Register of shareholders.
  15. 13A.Register of beneficial owners.
  16. 14.[Omitted.].
  17. 15.Trusts not to be entered on the register of shareholders.
  18. 16.Offices, branches and agencies.
  19. 17.Management.
  20. 18.Central Board to be guided by directions of Central Government.
  21. 19.Composition of the Central Board.
  22. 19A.Qualifications for election of directors elected by shareholders.
  23. 19B.Power of Reserve Bank to appoint additional directors.
  24. 20.Term of office of chairman, managing director, etc.
  25. 21.Local Boards.
  26. 21A.Term of office of members of Local Board.
  27. 21B.Powers of Local Board.
  28. 21C.Local Committees.
  29. 22.Disqualifications for directorship of Central Board or membership of Local Boards or Committees.
  30. 23.Vacation of office of directors, etc.
  31. 24.Removal from office of directors, etc.
  32. 24A.Suppression of Central Board in certain cases.
  33. 25.Casual vacancies.
  34. 26.Remuneration of directors.
  35. 27.Powers and remuneration of chairman.
  36. 28.[Omitted.].
  37. 29.Powers and remuneration of managing director.
  38. 30.Executive and other committees of the Central Board.
  39. 31.Meetings of the Central Board.
  40. 31A.Meetings of Local Boards.
  41. 32.State Bank to act as agent of the Reserve Bank.
  42. 33.Other business which the State Bank may transact.
  43. 34.Business which the State Bank may not transact.
  44. 35.State Bank may acquire the business of other Banks.
  45. 35A.Arrangement with the State Bank on appointment of directors to prevail.
  46. 36.Integration and Development Fund.
  47. 37.Reserve Fund.
  48. 38.Disposal of profits.
  49. 38A.Transfer of unpaid or unclaimed dividend.
  50. 39.Books to be balanced each year.
  51. 40.Returns.
  52. 41.Audit.
  53. 42.Balance sheet, etc., of State Bank may be discussed at general meeting.
  54. 43.State Bank may appoint officers and other employees.
  55. 43A.Bonus.
  56. 44.Obligation as to fidelity and secrecy.
  57. 45.Bar to liquidation of State Bank.
  58. 46.Indemnity of directors and members of Local Boards and Local Committees, etc.
  59. 47.Defects in appointment or constitution not to invalidate acts or proceedings.
  60. 48.[Omitted.].
  61. 49.Power of Central Government to make rules.
  62. 50.Power of Central Board to make regulations.
  63. 51.Requirements of foreign law to be complied with in certain cases.
  64. 52.[Omitted.].
  65. 53.[Repealed.].
  66. 54.[Repealed.].
  67. 55.No proceeding to lie in India against Imperial Bank after appointed day.
  68. 56.References to the Imperial Bank, the Bank of Bengal, etc., in other laws.
  69. 57.Dissolution of Imperial Bank, etc.
  70. SCH-THE FIRST SCHEDULE.THE FIRST SCHEDULE
  71. SCH-THE SECOND SCHEDULE.THE SECOND SCHEDULE
  72. SCH-THE THIRD SCHEDULE.—[Repealed.].THE THIRD SCHEDULE.—[Repealed.]
  73. SCH-THE FOURTH SCHEDULE.—[Repealed.].THE FOURTH SCHEDULE.—[Repealed.]
  74. SCH-THE FIFTH SCHEDULE.—[Repealed.].THE FIFTH SCHEDULE.—[Repealed.]