STATE BANK OF INDIA ACT, 1955

Enter the Future of Legal Excellence with SupremeToday AI

Elevate your legal practice with advanced AI-driven research and drafting solutions. Experience unmatched efficiency, precision, and security, tailored exclusively for legal professionals.

An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers

Please visit our Training & Support
Center or Contact Us for assistance

Scan Me!

India’s Legal research and Law Firm App, Download now!

For Daily Legal Updates, Join us on :

S.1 Short title and commencement

S.2 Definitions

S.3 Establishment of the State Bank

S.4 Authorised capital

S.5 Issued capital

S.6 Transfer of assets and liabilities of the Imperial Bank to the State Bank

S.7 Transfer of service of existing officers and employees of the Imperial Bank to the State Bank

S.8 Existing provident and other fund of the Imperial Bank

S.9 Compensation to be given to shareholders of Imperial Bank

S.10 Transferability of shares

S.11 Restrictions on voting rights

S.12 Shares to be approved securities

S.13 Register of shareholders

S.13(a) Register of beneficial owners

S.14 .

S.15 Trusts not to be entered on the register of shareholders

S.16 Offices, branches and agencies

S.17 Management

S.18 Central Board to be guided by directions of Central Government

S.19 Composition of the Central Board

S.20 Term of office of chairman, managing director, etc

S.21 Local Boards

S.21(a) Term of office of members of Local Board

S.21(b) Power of Local Board

S.21(c) Local Committees

S.22 Disqualifications for directorship of Central Board or membership of Local Board or Committees

S.23 Vacation of office of directors, etc

S.24 Removal from office of directors, etc.

S.25 Casual vacancies

S.26 Remuneration of directors

S.27 Powers and remuneration of chairman

S.28 Powers and remuneration of vice-chairman

S.29 Powers and remuneration of managing director

S.30 Executive and other committees of the Central Board

S.31 Meetings of the Central Board

S.31(a) Meetings of Local Boards

S.32 State Bank to act as agent of the Reserve Bank

S.33 Other business which the State Bank may transact

S.34 Business which the State Bank may not transact

S.35 State Bank may acquire the business of other bank

S.35(a) Arrangement with the State Bank on appointment of directors to prevail

S.36 Integration and Development Fund

S.37 Reserve Fund

S.38 Disposal of profits

S.39 Books to be balanced each year

S.40 Returns

S.41 Audit

S.42 Balance sheet, etc., of State Bank may be discussed at general meeting

S.43 State Bank may appoint officers and other employees

S.43(a) Bonus

S.44 Obligation as to fidelity and secrecy

S.45 Bar to liquidation of State Bank

S.46 Indemnity of directors and members of Local Boards and Local Committees, etc

S.47 Defects in appointment or constitution not to invalidate acts or proceedings

S.48 Power to remove difficulties

S.49 Power of Central Government to make rules

S.50 Power of Central Board to make regulations

S.51 Requirements of foreign law to be complied within certain cases

S.52 Amendment of Act 2 of 1934

S.53 Amendment of Act 10 of 1949

S.54 Amendment of Act 47 of 1920

S.55 No proceeding to lie in India against Imperial Bank after appointed day

S.56 References to the Imperial Bank, the Bank of Bengal, etc., in other laws

S.57 Dissolution of Imperial Bank, etc

Sch.I Compensation For the Transfer of shares of the Imperial Bank to The Reserve Bank

Sch.II Declaration of Fidelity And Secrecy

Sch.III Amendments to the Reserve Bank of India Act, 1934

Sch.IV Amendments to the Banking Companies Act, 1949

Sch.V Amendments to the Imperial Bank of India Act, 1920

Enter the Future of Legal Excellence with SupremeToday AI