Banking Regulation Act,1949
Act No : 10
Section :
Application on of certain provisions to the State Bank of India andother notified banks.
3*[51. 4*[(1)] Application on of certain provisions to the State Bank of India and other notified banks.- Without prejudice to the provisions of the State Bank of India Act, 1955 (23 of 1955), or any other enactment, the provisions of sections 10, 13 to 15, 17, 5*[19 to 21A, 23 to 28, 29 [excluding sub-section (3)], 6*[sub-sections (1B), (1C) and (2) of section 30, 31], 34, 35, 35A, 36 [excluding clause (d) of sub-section (1)], 45Y to 45ZF, 46 to 48] 50, 52 and 53 shall also apply, so far as may be, to and in relation to the State Bank of India 5*[or any corresponding new bank or a Regional Rural Bank or any subsidiary bank] as they apply to and in relation to banking companies: 7*[Provided that-- (a) nothing contained in clause (c) of sub-section (1) of section 10 shall apply to the chariman of the State Bank of India or to a 5*[managing director] of any subsidiary bank in so far as the said clause precludes him from being a director of, or holding an office in, any institution approved by the Reserve Bank; ---------------------------------------------------------------------- 1. Subs. by Act 95 of 1956, s. 12, for certain words (w.e.f. 14-1- 1957). 2. Subs. by Act 37 of 1960, s. 8, for "and 36". 3. Subs. by Act 79 of 1956, s. 43 and Sch. II, for the former section (w.e.f. 22-10-1956). 4. S. 51 renumbered as sub-section (1) thereof by Act 1 of 1984, s. 40 (w.e.f. 15-2-1984). 5. Subs. by s. 40, ibid., for certain words (w.e.f. 15-2-1984). 6. Subs. by Act 66 of 1988, s. 10, for "31" (w.e.f. 30-12-1988). 7. Subs. by Act 38 of 1959, s. 64 and Sch. III, for the former proviso (w.e.f. 10-9-1959). 88X 1*[(b) nothing contained in sub-clause (iii) of clause (b) of sub-section (1) of section 20 shall apply to any bank referred to in sub-section (1), insofar as the said sub-clause (iii) of clause (b) precludes that bank from entering into any commitment for granting any loan or advance to or on behalf of a company (not being a Government company) in which not less than forty per cent. of the paid-up capital is held (whether singly or taken together) by the Central Government or the Reserve Bank or a corporation owned by that bank: and (c) nothing contained in section 46 of in section 47A shall apply to,-- (i) an officer of the Central Government or the Reserve Bank, nominated or appointed as director of the State Bank of India or any corresponding new bank or a Regional Rural Bank or any subsidiary bank or a company; or (ii) an officer of the State Bank of India or a corresponding new bank or a Regional Rural Bank or a subsidiary bank nominated or appointed as director of any of the said banks (not being the bank of which he is an officer) or of a banking company.] 2* * * * * 3*[(2) References to a banking company in any rule or direction relating to any provision of this Act referred to in sub-section (1) shall, except where such rule or direction provides otherwise, be construed as referring also to the State Bank of India, a corresponding new bank, a Regional Rural Bank and a subsidiary bank.]
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