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THE STATE BANK OF INDIA ACT, 1955

Title : THE STATE BANK OF INDIA ACT, 1955

Year : 1955



(1) Save as otherwise provided in sub-section (2), the shares of the State Bank shall be freely transferable.

(2) Nothing contained in sub-section (1) shall entitle the Reserve Bank to transfer any shares held by it in the State Bank if such transfer will result in reducing the shares held by it to less than fifty-five per cent of the issued capital of the State Bank.



No shareholder, other than the Reserve Bank, shall be entitled to exercise voting rights in respect of any shares held by him in excess of ten per cent. of the issued capital:

Provided that such shareholder shall be entitled to exercise voting rights at such higher percentage as the Central Government may, after consultation with the Reserve Bank, specify.



Notwithstanding anything contained in the Acts hereinafter mentioned in this section, the shares of the State Bank shall be deemed to be included among the securities enumerated in section 20 of the India Trusts Act, 1882 (2.of 1882), and also to be approved securities for the purposes of the Insurance Act, 1938 (4 of 1938), and the [Banking Regulation Act, 1949 (10 of 1949),]



(1) The State Bank shall keep at its Central Office, a register, in one or more books of the shareholders, and shall enter therein the following particulars so far as they may be available:-

(i) The names, addresses and occupations, if any, of the share holders and a statement of the shares held by each shareholder, distinguishing each share by its denoting number;

(ii) The date on which each person is so entered as a shareholder;

(iii) The date on which any person ceases to be a shareholder; and

(iv) Such other particulars as may be prescribed.

(2) Notwithstanding anything contained in sub-section (1), it shall be lawful for the State Bank to keep the register of shareholders in computer floppies or diskettes subject to such safeguards as may be prescribed.

(3) Notwithstanding anything contained in the Indian Evidence Act, 1872 (1 of 1871), a copy of, or extract from, the register of shareholder, certified to be a true copy under the hand of an officer of the State Bank authorized in this behalf, shall, in all legal proceedings, be admissible in evidence.



No notice of any trust, express, implied or constructive, shall be entered on the register of shareholders or be receivable by the State Bank.
Last updated on September, 2016

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