Indian Bare Acts

STATE BANK OF INDIA (AMENDMENT) ACT, 2010

Title : STATE BANK OF INDIA (AMENDMENT) ACT, 2010

Year : 2010

[Act No. 27 of 2010]
[24th August, 2010.]

An Act further to amend the State Bank of India Act, 1955.
Be it enacted by Parliament in the Sixty-first Year of the Republic of India as follows:-



(1) This Act may be called the State Bank of India (Amendment) Act, 2010.

(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint:

Provided
that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.



In section 2 of the State Bank of India Act, 1955(23 of 1955) (hereinafter referred to as the principal Act), clause (i) shall be omitted.



For section 4 of the principal Act, the following section shall be substituted, namely:-

4. Authorised capital.-Subject to the provisions of this Act, the authorised capital of the State Bank shall be five thousand crores of rupees divided into five hundred crores of fully paid-up shares often rupees each:

Provided
that the Central Board may reduce the nominal or face value of the shares, and divide the authorised capital into such denomination as it may decide with the approval of the Reserve Bank:

Provided further that the Central Government may, in consultation with the Reserve Bank, increase or reduce the authorised capital so however that the shares in all cases shall be fully paid-up shares.

Last updated on August, 2016

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