Indian Kanoon > State Bank of India Act, 1955

State Bank of India Act, 1955

[Act No. 23 of Year 1955 dated 8th May, 1955] 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. Whereas for the extension of Banking facilities on a large scale, more particularly in the rural and semi-urban areas, and for divers other public purposes it is expedient to constitute a State Bank for India, and to transfer to it the under taking of the Imperial Bank of India and to provide for other matters connected therewith or incidental thereto; Be it enacted by Parliament in the Sixth year of the Republic of India as follow:

Section	Title
Section- 1	Section-1 Short title and commencement Chapter 1
Section- 2	Section-2 Definitions Chapter 1
Section- 3	Section-3 Establishment of the State Bank Chapter 1
Section- 4	Section-4 Authorized capital Chapter 1
Section- 5	Section-5 Issued capital Chapter 1
Section- 6	Section-6 Transfer of assets and liabilities of the Imperial Bank to the State Bank Chapter 1
Section- 7	Section-7 Transfer of service of existing officers and employees of the Imperial Bank to the State Bank Chapter 1
Section- 8	Section-8 Existing provident and other funds of the Imperial Bank Chapter 1
Section- 9	Section-9 Compensation to be given to share-holders of Imperial Bank Chapter 1
Section- 10	Section-10 Transferability of shares Chapter 1
Section- 11	Section-11 Restriction on voting rights Chapter 1
Section- 12	Section-12 Shares to be approved securities Chapter 1
Section- 13	Section-13 Register of share-holders Chapter 1
Section- 13A	Section-13A Register of beneficial owners Chapter 1
Section- 15	Section-15 Trusts not to be entered on the register of share holders Chapter 1
Section- 16	Section-16 Offices, branches and agencies Chapter 1
Section- 17	Section-17 Management Chapter 1
Section- 18	Section-18 Central Board to be guided by directions of Central Government Chapter 1
Section- 19	Section-19 Composition of the Central Board Chapter 1
Section- 20	Section-20 Terms of office of chairman, managing director, etc. Chapter 1
Section- 21	Section-21 Local Boards Chapter 1
Section- 21A	Section-21A Term of office of office of members of Local Board Chapter 1
Section- 21B	Section-21B Powers of Local Board Chapter 1
Section- 21C	Section-21C Local Committees Chapter 1
Section- 22	Section-22 Disqualifications for directorship of Central Board or membership of Local Boards or Committees Chapter 1
Section- 23	Section-23 Vacation of office of directors, etc Chapter 1
Section- 24	Section-24 Removal from office of directors, etc Chapter 1
Section- 25	Section-25 Casual vacancies Chapter 1
Section- 26	Section-26 Remuneration of directors Chapter 1
Section- 27	Section-27 Powers and remuneration of chairman Chapter 1
Section- 28	Section-28 Powers and remuneration of vice-chairman Chapter 1
Section- 29	Section-29 Powers and remuneration of managing director Chapter 1
Section- 30	Section-30 Executive and other committees of the Central Board Chapter 1
Section- 31	Section-31 Meetings of the Central Board Chapter 1
Section- 31A	Section-31A Meetings of the Local Boards Chapter 1
Section- 32	Section-32 State Bank to act as agent of the Reserve Bank Chapter 1
Section- 33	Section-33 Other business which the State Bank may transact Chapter 1
Section- 34	Section-34 Business which the State Bank may not transact Chapter 1
Section- 35	Section-35 State Bank may acquire the business of other Banks Chapter 1
Section- 35A	Section-35A Arrangement with the State Bank on appointment of directors to prevail Chapter 1
Section- 36	Section-36 Integration and Development Fund Chapter 1
Section- 37	Section-37 Reserve Fund Chapter 1
Section- 38	Section-38 Disposal of profits Chapter 1
Section- 39	Section-39 Book to be balanced each year Chapter 1
Section- 40	Section-40 Returns Chapter 1
Section- 41	Section-41 Audit Chapter 1
Section- 42	Section-42 Balance sheet, etc., of State Bank may be discussed at general meeting Chapter 1
Section- 43	Section-43 State Bank may appoint officers and other employees Chapter 1
Section- 43A	Section-43A Bonus Chapter 1
Section- 44	Section-44 Obligation as to fidelity and secrecy Chapter 1
Section- 45	Section-45 Bar to liquidation of State Bank Chapter 1
Section- 46	Section-46 Indemnity of directors and members of Local Boards and Local Committees, etc Chapter 1
Section- 47	Section-47 Defects in appointment or constitution not to invalidate acts or proceedings Chapter 1
Section- 48	Section-48 Power to Remove Difficulties Chapter 1
Section- 49	Section-49 Power of Central Government to make rules Chapter 1
Section- 50	Section-50 Power of Central Board to make regulations Chapter 1
Section- 51	Section-51 Requirements of foreign law to be complied with in certain cases Chapter 1
Section- 52	Section-52 Amendment of Act 2 of 1934 [Repealed by the Repealing and Amending Act, 1960] Chapter 1
Section- 53	Section-53 Amendment of Act 10 of 1949 [Repealed by the Repealing and Amending Act, 1960] Chapter 1
Section- 54	Section-54 Amendment of Act 47 of 1920 [Repealed the Repealing and Amending Act, 1960] Chapter 1
Section- 55	Section-55 No proceeding to lie in India against Imperial Bank after appointed day Chapter 1
Section- 56	Section-56 References to the Imperial Bank of Bengal, etc., in other laws Chapter 1
Section- 57	Section-57 Dissolution of Imperial Bank, etc Chapter 1
Section-	THE FIRST SCHEDULE : Compensation for the Transfer of Shares of the Imperial Bank to the Reserve Bank Chapter 1
Section-	THE SECOND SCHEDULE : Declaration of Fidelity and Secrecy Chapter 1
Section-	The Third-Fifth Schedule [repealed] Chapter 1

Ask your question from lawyers!

Ask anonymously

State Bank of India Act, 1955

Ask your question from lawyers!

Ask your question from lawyers!

Login or Reigster to make payment

Customer Support

100% Secure