The State Bank of India Act, 1955

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The State Bank of India Act, 1955

THE STATE BANK OF INDIA ACT, 1955 ACT NO. 23 OF 1955 1*

[8th May, 1955.] WHER

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.

CHAP

PRELIMINARY

CHAPTER I

PRELIMINARY

1.

Short title and commencement.

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 2*** as the Central Government may, by notification in the Official Gazette, appoint.

2.

Definitions.

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 (7 of 1920), 3*[(dd) "Local Board" means a Local Board constituted under section 21;]

[See footnote 1 for this section]

(e) "prescribed" means 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;

1*[(h) "subsidiary bank" menas a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959);]

2*[(i) "vice-chairman" means the vice-chairman of the Central Board;]

3*[(j) "workman" has the meaning assigned to it in the Industrial Disputes Act, 1947 (14 of 1947).]

CHAP

INCORPORATION AND SHARE CAPITAL OF STATE BANK

CHAPTER II

INCORPORATION AND SHARE CAPITAL OF STATE BANK

3.

Establishment of the 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 Reserve Bank, 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.

4.

Authorised capital.

4. Authorised capital.- Subject to the provisions of this Act, the authorized capital of the State Bank shall be twenty crores of rupees divided into 4*[two crores] of fully paid-up shares of 4*[ten rupees]

each:

Provided that the Central Government may increase or reduce the authorized capital as it thinks fit so however that the shares in all cases shall be fully paid-up shares of 4*[ten rupees] each.

5.

Issued capital.

5. Issued capital.- (1) The issued capital of the State Bank shall, on the appointed day, be five crores, sixty-two lakhs and fifty thousand rupees

[See footnote 2 for this section]

divided into five lakhs, sixty-two thousand and five hundred shares, all of which shall, on the appointed day, stand allotted to the Reserve Bank in lieu of the shares of the Imperial Bank 1*[transferred to and vested in it under section 6].

(2) The Central Board may from time to time increase the issued capital but no increase in the issued capital shall be made in such a manner that the Reserve Bank holds at any time less than fifty-five per cent. of the issued capital of the State Bank.

(3) No increase in the issued capital beyond twelve crores and fifty lakhs of rupees shall be made under sub-section (2) without the previous sanction of the Central Government.

CHAP

TRANSFER OF UNDERTAKING OF THE IMPERIAL BANK TO STATE BANK

CHAPTER III

TRANSFER OF UNDERTAKING OF THE IMPERIAL BANK TO STATE BANK

6.

Transfer of assets and liabilities of the Imperial Bank to the StateBank.

6. Transfer of assets and liabilities of the Imperial Bank to the State Bank.-(1) Subject to the other provisions contained in this Act, on the appointed day,--

(a) all shares in the capital of the Imperial Bank shall be transferred to, and shall vest in, the Reserve Bank, free of all trusts, liabilities...

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