State Bank of India (Subsidiary Banks) Act, 1959

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Bare acts > State Bank of India (Subsidiary Banks) Act, 1959

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SECTIONS	State Bank of India (Subsidiary Banks) Act, 1959 As amended upto date

	Preamble

	CHAPTER I : PRELIMINARY
1.	Short title
2.	Definitions

	CHAPTER II : CONSTITUTION OF NEW BANKS AND CHANGE OF NAME OF ANY SUBSIDIARY BANK
3.	Establishment of new banks
3-A.	Change of name of a subsidiary bank
4.	New banks to be bodies corporate
5.	Head office and branches of new banks
6.	Authorised capital of new bank
7.	Issued Capital of new Banks
8.	Reserve fund of the new banks
9.	Transfer of shares of existing banks to State Bank
10.	Transfer of undertaking of existing banks to new banks
11.	Transfer of services of employees of existing banks
12.	Special provision for transfer of foreign assets

	CHAPTER III: COMPENSATION
13.	Compensation to share holders of existing banks other than the Bank of Patiala
14.	Compensation payable by the State Bank in respect of the Bank of Patiala, the Saurashtra Bank and the Hyderabad Bank
15.	Constitution of the Tribunal
16.	Tribunal to have powers of a civil court
17.	Procedure of the Tribunal

	CHAPTER IV: SHARES OF THE SUBSIDIARY BANKS
18.	Transferability of shares
18-A.	Right of registered shareholder to nominate
19.	Restriction on voting rights
20.	Shares to be approved securities
21.	Register of shareholders
21-A.	Register Of Beneficial Owners
22.	Trusts not to be entered on the register

	CHAPTER V : MANAGEMENT OF SUBSIDIARY BANKS
23.	Certain officers to vacate office
24.	Management
25.	Composition of the Board of Directors
25-A.	Fit and proper status of an elected director
25-B.	Power of Reserve Bank to appoint additional directors
26.	Term of office of Directors
27.	Disqualification for directorship
28.	Vacation of office of Directors
29.	Managing director
30.	Remuneration of director
31.	Removal from office of director
32.	Appointment of another person for discharging the duties of managing director during his absence
33.	Casual vacancies among directors
34.	Meetings of the Board of Directors
35.	Executive Committee and other committees
35-A.	Supersession of Board of Directors in certain cases

	CHAPTER VI : BUSINESS OF SUBSIDIARY BANKS
36.	Subsidiary bank to act as agent of the State Bank
36-A.	Subsidiary bank to act as agent of the Reserve Bank
37.	Other business which a subsidiary bank may transact
38.	Acquisition of business of other banks
38-A.	Arrangement with subsidiary banks on appointment of directors to prevail

	CHAPTER VII : ACCOUNTS AND AUDIT
39.	Closing of annual accounts
40.	Disposal of profits
40-A.	Transfer of unpaid or unclaimed dividend to unpaid dividend account
41.	Audit
42.	Temporary provision regarding existing auditors
43.	Returns to be furnished by a subsidiary bank
44.	General meetings

	CHAPTER VIII: MISCELLANEOUS
45.	Power to issue directions removing difficulties
46.	Observers for existing banks and the Saurashtra Bank
47.	Inspection
48.	Cost of development programme
49.	Special provision regarding existing officers and employees
50.	Staff of a subsidiary bank
50-A.	Bonus
51.	Establishment of pension and superannuation funds by subsidiary banks
52.	Obligation as to fidelity and secrecy
53.	Indemnity of directors
54.	Defects in appointment or constitution not to invalidate acts or proceedings
55.	Companies Act, 1956, and *[Banking Regulation Act], 1949, not to apply to certain existing banks
56.	Continuance of special provisions respecting recovery of loans and advances made by the Bank of Patiala and the State Bank of Saurashtra
57.	Bar to liquidation of a subsidiary bank
58.	Dissolution of existing banks
59.	Construction of references to existing banks
60.	Exercise of powers and functions on behalf of the Reserve Bank
61.	Protection of action taken under Act
62.	Power of Central Government to make rules
63.	Power of the State Bank of make regulations
64.	Repealed
65.	Saving

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