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STATE BANK OF INDIA (AMENDMENT) ACT, 2010

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

Year : 2010



In section 43 of the principal Act, for sub-section (2), the following sub-section shall be substituted, namely:-

(2) The officers, advisers and employees of the State Bank shall individually or jointly or with other officers, advisers and employees in a Local Committee exercise such powers and perform such duties as may by general or special order, be entrusted or delegated to them by the Central Board or its executive committee.



In section 49 of the principal Act. in sub-section (2),after clause (c), the following clauses shall be inserted, namely:-

(d) The time and place of meeting of the Committee and the rules of procedure to be observed by it under sub-section (6) of section 24A;

(e) The salary and allowances of the Administrator and the members of the committee under sub-section (7) of section 24A.



In section 50 of the principal Act, in sub-section (2),-

(i) After clause

(a) The following clauses shall be inserted, namely:-

(aa) The procedure for increasing issued capital by the issue of equity or preference shares under sub-section (2) and the manner of accepting money for issued capital, forfeiture and re-issue of shares under sub-section (5), of section 5;

(ab) The manner of nominating an individual by one individual under sub-section (1), the manner of nominating an individual by the joint holders under sub-section (2), the manner of varying or cancellation of nomination under sub-section (3), and the manner of nominating a minor under sub-section (4), of section 10A;

(ii) In clause (b), for the words "floppies or diskettes", the words "floppies or diskettes or any other electronic form" shall be substituted.



The enactment specified in the Schedule is hereby amended to the extent and in the manner as given below:-

SCHEDULE
(See section 33)

Short title

The State Bank of India (Subsidiary Banks) Act, 1959(38 of 1959)

In section 26, in sub-section (2A), the words "and thereafter until his successor shall have been duly appointed" shall be omitted.

Last updated on September, 2016

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