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Bare acts > State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 > Section 10
 
  


 

10. Substitution of new section for section 19. - For section 19 of the State Bank of India (Subsidiary Banks) Act, the following section shall be substituted, namely:-


"19. Restriction on voting rights. -No shareholder, other than the State 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 of the subsidiary bank concerned:

Provided that the shareholder holding any preference share capital in the subsidiary bank shall, in respect of such capital, have a right to vote only on resolutions placed before such subsidiary bank which directly affect the rights attached to his preference shares:

Provided further that no preference shareholder shall be entitled to exercise voting rights in respect of preference shares held by him in excess of ten per cent. of the total voting rights of all the shareholders holding preference share capital only.".

 

 

 

 

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