The State Bank of India Act,1955 (Bare Act)/ Universal Law Publishing

THE STATE BANK OF INDIA ACT, 195^
Introduction
CHAPTER I
PRELIMINARY
Sectioiis
1. Short title and commencement
2. Definitions
CHAPTER n
■ INCORPORATION AND SHARE CAPITAL OF STATE BANK
3. Establishment of the State Bank 4. Authorised capital 5. Issued capital
CHAPTER III
TRANSFER OF UNDERTAKING OF THE IMPERIAL BANK
TO STATE BANK
6. Transfer of assets and liabilities of the Imperial Bank to the State Bank 7. Trarwfer of service of existing officers and employees of the Imperial Bank to the State Bank 8. Existing provident and other fund of the Imperial Bank 9. Compensation to be given to shareholders of Imperial Bank
CHAPTER IV ^ SHARES
10. Transferability of shares
11. Restrictiorw on voting rights 12. Shares to be approved securities
13. Register of shareholders
13A. Register of beneficial owners
14. [Repealed]
15. Trusts not to be entered on tlie register of shareholders
CHAPTER V
MANAGEMENT
16. Offices, branches and agencies
17. Management 18. Central Board to be guided by directions of
Central Government 19. Composition of the Central Board 20. Term of office of chairman, managing director, etc.
21. Local Boards •
21A. Term of office of members of Local Board
21B. Power of Local Board
21C. Local Committees
.
Disqualifications for directorship of Central Board or membership of Local Board or Committees
Vacation of office of directors, etc.
Removal from office of directors, etc.
Casual vacancies /
Remuneration of directors
Powers and remuneration of chairman
Powers and remuneration of vice-chairman
Powers and remuneration of managing director
Executive and other corrunittees of the Central Board
Meetings of the Central Board
Meetings of Local Boards
CHAPTER VI
BUSINESS OF THE STATE BANK
State Bank to Act as agent of the Reserve Bank
Other business which the State Battk may trarrsact
Business which the State Bank may not transact State Bairk may acquire the business of other Bank
Arrangement with the State Bar\k on appointment of directors to prevail
CHAPTER VII
FUNDS, ACCOUNTS AND AUDIT Integration and Development Fund
Reserve Fund
Disposal of profits Books to be balanced each year
Retiuns
Audit Balance sheet, etc., of State Bank may be discussed at general meeting ,
CHAPTER VIII
MISCELLANEOUS State Bank may apf)oint officers and other employees
Bonus Obligation as to fidelity and secrecy Bar to liquidation of State Bank Indemnity of directors and members of Local Boards and Local Committees, etc. Defects in appointment or constitution not to invalidate acts or proceedings IRepealed]
Power of Central Government to make rules Power of Central Board to make regulations Requirements of foreign law to be complied within certain
[Repealed]

Sections
53. [Repealed] 33 54. [Repealed] 34 55. No proceeding to lie in India against Imperial Bank after appointed day 34 56. References to the Imperial Bank, the Bank of Bengal, etc., in other laws 34 57. Dissolution of Imperial Bank, etc. 34
THE FIRST SCHEDULE.—Compensation for the Transfer of shares of the Imperial Baiik to the Reserve Bank . . . 34 THE SECOND SCHEDULE.—Declaration of Fidelity and Secrecy . . . 35 THE THIRD SCHEDULE.—[Repealed] 35
THE FOURTH SCHEDULE.—[Repealed] 35
THE FIFTH SCHEDULE.—[Repealed]