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8th November 2017, 12:11 PM
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Join Date: Aug 2012
Re: State Bank Of India Act 1955

State Bank of India is an Indian multinational, public sector banking and financial services company. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra.

The Information About the State Bank Of India Act, 1955 is given below

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.

CHAPTER I PRELIMINARY
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 date2 as the Central Government may, by notification in the Official Gazette, appoint.
2. Definitions.In this Act, unless the context otherwise requires,
(a) appointed day means the date on which this Act comes into force;
(b) Central Board means the Central Board of Directors of the State Bank;
3 [(bb) chairman means the chairman of the Central Board;]
(c) goods includes bullion, wares and merchandise;
(d) Imperial Bank means the Imperial Bank of India constituted under the Imperial Bank of India Act, 1920 (47 of 1920);
4
[(dd) Local Board means a Local Board constituted under section 21;]
(e) prescribed means prescribed by regulations made under this Act;
(f) Reserve Bank means the Reserve Bank of India constituted under the Reserve Bank of India
Act, 1934 (2 of 1934);
(g) State Bank means the State Bank of India constituted under this Act;
4
[(h) subsidiary bank means a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959] (38 of 1959);
[(j) workman has the meaning assigned to it in the Industrial Disputes Act, 1947 (14 of 1947)

CHAPTER II
INCORPORATION AND SHARE CAPITAL OF STATE BANK

3. Establishment of the State Bank.(1) A Bank to be called the State Bank of India shall be constituted to carry on the business of banking and other business in accordance with the provisions of this Act and for the purpose of taking over the undertaking of the Imperial Bank.

(2) The 1[Central Government], together with such other persons as may from time to time become shareholders in the State Bank in accordance with the provisions of this Act, shall, so long as they are shareholders in the State Bank, constitute a body corporate with perpetual succession and a common seal under the name of the State Bank of India, and shall sue and be sued in that name.

(3) The State Bank shall have power to acquire and hold property, whether movable or immovable, for the purposes for which it is constituted and to dispose of the same.
For more Information you may Consider the below Attachement that is Free to Download
Attached Files
File Type: doc THE STATE BANK OF INDIA ACT, 1955.doc (407.5 KB, 50 views)


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