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(Subsidiary Banks) Act, 1959

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(Subsidiary Banks) Act, 1959 THE STATE BANK OF INDIA (SUBSIDIARY BANKS) ACT, 1959 THE SUBSIDIARY BANKS GENERAL REGULATIONS, 1959 & THE STATE BANK OF HYDERABAD ACT, 1956 STATE BANK OF INDIA LAW DEPARTMENT CORPORATE CENTRE MUMBAI [As amended up to 27th June 2014] 1 © SBI, Law Department, Corporate Centre, Mumbai. (2014) [email protected] 2 THE STATE BANK OF INDIA (SUBSIDIARY BANKS) ACT, 1959 ………………………. 9 THE SUBSIDIARY BANKS GENERAL REGULATIONS, 1959 ……………..……………… 61 THE STATE BANK OF HYDERABAD ACT, 1956 ……………………………………..………. 83 Contents The State Bank of India (Subsidiary Banks) Act, 1959 .......................................................... 10 CHAPTER I ................................................................................................................................................. 10 PRELIMINARY ............................................................................................................................................... 10 1 Short title ..................................................................................................................................................... 10 2 Definitions ................................................................................................................................................... 10 CHAPTER II ................................................................................................................................................ 12 [CONSTITUTION OF NEW BANKS AND CHANGES OF NAME OF ANY SUBSIDIARY BANK] ............................................................................................................................................................................. 12 3 Establishment of new banks ................................................................................................................ 12 3A [Change of name of a subsidiary bank .......................................................................................... 12 4 New banks to be bodies corporate .................................................................................................... 13 5 Head office and branches of new banks .......................................................................................... 13 6. [Authorised capital of new bank ....................................................................................................... 13 7 Issued capital of new banks ................................................................................................................. 14 8 Reserve fund of the new banks ........................................................................................................... 15 9 Transfer of shares of existing banks to state bank ...................................................................... 15 10 Transfer of undertaking of existing banks to new banks ....................................................... 15 11 Transfer of services of employees of existing banks ............................................................... 16 12 Special provision for transfer of foreign assets ......................................................................... 17 CHAPTER III .............................................................................................................................................. 18 COMPENSATION........................................................................................................................................... 18 13 Compensation to shareholders of existing banks other than the Bank of Patiala ........ 18 14 Compensation payable by the State Bank in respect of the Bank of Patiala, [...] and the Hyderabad Bank ........................................................................................................................................... 19 15 Constitution of the Tribunal .............................................................................................................. 20 16 Tribunal to have powers of a Civil Court ...................................................................................... 21 17 Procedure of the Tribunal .................................................................................................................. 21 CHAPTER IV ............................................................................................................................................... 21 SHARES OF THE SUBSIDIARY BANKS.................................................................................................. 21 18 Transferability of shares ..................................................................................................................... 21 18A [Right of registered shareholder to nominate. ....................................................................... 22 19 [Restriction on voting rights ............................................................................................................. 22 20 Share to be approved securities ....................................................................................................... 23 21 Register of shareholders ..................................................................................................................... 23 21A [Register of beneficial owners ....................................................................................................... 23 22 Trusts not to be entered on the register ....................................................................................... 24 CHAPTER V ................................................................................................................................................ 24 MANAGEMENT OF SUBSIDIARY BANKS ............................................................................................. 24 23 Certain officers to vacate office ........................................................................................................ 24 24 Management ............................................................................................................................................ 24 25 Composition of the board of directors .......................................................................................... 25 3 25A [Fit and proper status of an elected director– ........................................................................ 27 25B Power of Reserve Bank to appoint additional directors– .................................................. 27 26 Term of office of directors .................................................................................................................. 28 27 Disqualification for directorship ..................................................................................................... 29 28 Vacation of office of directors ........................................................................................................... 30 29 [Managing Director] ............................................................................................................................. 30 30 Remuneration of directors ................................................................................................................. 32 31 Removal from office of director ....................................................................................................... 32 32 Appointment of another person for discharging the duties of [managing director] during his absence ....................................................................................................................................... 32 33 Casual vacancies among directors .................................................................................................. 33 34 Meetings of the board of directors .................................................................................................. 33 35 Executive committee and other committees .............................................................................. 35 35A [Supersession of Board of Directors in certain cases– ......................................................... 36 CHAPTER VI ............................................................................................................................................... 37 BUSINESS OF SUBSIDIARY BANKS ....................................................................................................... 37 36 Subsidiary Bank to act as agent of the State Bank .................................................................... 37 36A [Subsidiary Bank to act as agent of the Reserve Bank ......................................................... 38 37 Other business which a subsidiary bank may transact........................................................... 38 38 Acquisition of business of other banks ......................................................................................... 39 38A [Arrangement with subsidiary banks on appointment of directors to prevail .......... 41 CHAPTER VII ............................................................................................................................................. 41 ACCOUNTS AND AUDIT ............................................................................................................................. 41 39 Closing of annual accounts ................................................................................................................. 41 40 Disposal of profits .................................................................................................................................
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