The State Bank of India (Subsidiary Banks) Act, 1959

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The State Bank of India (Subsidiary Banks) Act, 1959

THE STATE BANK OF INDIA (SUBSIDIARY BANKS) ACT, 1959 1*

ACT NO. 38 OF 1959

[10th September, 1959.]

An Act to provide for the formation of certain Government or Government associated banks as subsidiary of the State Bank of India and for the constitution, management and control of the subsidiary banks so formed, and for matters connected therewith, or incidental thereto.

CHAP

PRELIMINARY

CHAPTER I

PRELIMINARY

1.

Short title.

1. Short title.- This Act may be called the State Bank of India (Subsidiary Banks) Act, 1959.

2.

Definitions.

2. Definitions.- In this Act, unless the context otherwise requires,--

(a) "appointed day" means,--

(i) in relation to an existing bank, the date on which the corresponding new bank is constituted under section 3;

(ii) in relation to a new bank, the date on which that new bank is constituted under section 3;

(iii) in relation to the Hyderabad Bank, the date on which the amendments to the State Bank of Hyderabad Act, 1956, (79 of 1956.) take effect under Part VII of the Third Schedule;

(iv) in relation to the Saurashtra Bank, the date on which the amendments to the Saurashtra State Banks (Amalgamation) Ordinance, 1950, (10 of 1950.) take effect under Part V of the Third Schedule;

[See footnote 1 for this section]

(b) "corresponding bank" means,--

(i) in relation to the State Bank of Bikaner, the Bank of Bikaner, Limited;

(ii) in relation to the State Bank of Indore, the Bank of Indore, Limited;

1* * * * *

(iv) in relation to the State Bank of Mysore, the Bank of Mysore, Limited;

(v) in relation to the State Bank of Patiala, the Bank of Patiala;

the Travancore Bank, Limited;

(vi) in relation to the State Bank of Travancore.

(c) "corresponding new bank" means,--

(i) in relation to the Bank of Bikaner, Limited, the State Bank of Bikaner;

(ii) in relation to the Bank of Indore, Limited, the State Bank of Indore;

1* * * * *

(iv) in relation to the Bank of Mysore, Limited, the State Bank of Mysore;

(v) in relation to the Bank of Patiala, the State Bank of Patiala;

(vi) in relation to the Travancore Bank, Limited, the State Bank of Travancore;

(d) "existing bank" means any of the following banks, namely:--

(i) Bank of Bikaner, Limited;

(ii) Bank of Indore, Limited;

1* * * * *

(iv) Bank of Mysore, Limited;

(v) Bank of Patiala;

(vi) Travancore Bank, Limited;

(e) "Hyderabad Bank" means the Hyderabad State Bank constituted under the Hyderabad State Bank Act, 1350F

(19 of 1350F), and renamed the State Bank of Hyderabad under

[See footnote 2 for this section]

sub-section (1) of section 3 of the State Bank of Hyderabad Act 1956 (79 of 1956), (f) "new bank" means any of the banks constituted under section 3;

(g) "prescribed" means prescribed by regulations made under this Act;

(h) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1904);

(i) "Saurashtra Bank" means the State Bank of Saurashtra constituted under the Saurashtra State Banks (Amalgamation) Ordinance, 1950 (10 of 1950);

(j) "State Bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955);

(k) "subsidiary bank" means any new bank and includes the Hyderabad Bank and the Saurashtra Bank;

(l) "Tribunal" means the Tribunal constituted under section 15;

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

CHAP

2*[CONSTITUTION OF NEW BANKS AND CHANGE OF NAME OF ANY SUBSIDIARYBANK]

CHAPTER II

2*[CONSTITUTION OF NEW BANKS AND CHANGE OF NAME OF ANY

SUBSIDIARY BANK]

3.

Establishment of new banks.

3. Establishment of new banks.- With effect from such date as the Central Government may, by notification in the Official Gazette, specify in this behalf, there shall be constituted the following new banks, namely:--

(a) the State Bank of Bikaner;

(b) the State Bank of Indore;

3* * * * *

(d) the State Bank of Mysore;

(e) the State Bank of Patiala;

[See footnote 3 for this section]

(f) the State Bank of Travancore;

and different dates may be specified for different new banks.

3A.

Change of name of a subsidiary bank.

1*[3A. Change of name of a subsidiary bank.- (1) The Central Government after consulting the State Bank and the Reserve Bank may, by notification in the Official Gazette, direct that the name of any subsidiary bank shall, with effect from such date as may be specified in this behalf, be changed to any other name and thereupon any reference to that subsidiary bank in this Act or any other law for the time being in force or in any contract, instrument or document shall be construed as a reference to that bank by its new name.

(2) The change in the name of a subsidiary bank under sub-section (1) shall not affect any rights or obligations of that bank or render defective any legal proceedings by or against it, and any legal proceedings which might have been continued or commenced by or against that bank by...

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