State Bank of India Act,1955
Act No : 23
Section :
Composition of the Central Board.
19. Composition of the Central Board.- 2*** The Central Board shall consist of the following, namely:-- (a) a chairman and a vice-chairman to be appointed by the Central Government in consultation with the Reserve Bank 3***; (b) not more than two managing directors, if any, appointed 4*[by the Central Government in consultation with the Reserve Bank]; 5*[(bb) the presidents of the Local Boards appointed under sub-section (5) of section 21, exofficio; (c) if the total amount of the holdings of the share holders, other than the Reserve Bank, whose names are on the ---------------------------------------------------------------------- 1. Ins. by Act 38 of 1959, s. 64 and Sch. III (w.e.f. 10-9-1959). 2. Omitted by Act 3 of 1994, s. 8 (w.e.f. 15-10-1993). 3. Certain words omitted by Act 73 of 1976, s. 4 (w.e.f. 11-6-1976). 4. Subs. by s. 4, ibid., for certain words (w.e.f. 11-6-1976). 5. Subs. by Act 35 of 1964, for cls. (c) and (d) (w.e.f. 1-12-1964). 114 1*[register of shareholders] three months before the date fixed for election of directors is-- (i) not more than ten per cent. of the total issued capital, two directors; (ii) more than ten per cent. but not more than twenty-five per cent. of such capital, three directors, and (iii) more than twenty-five per cent. of such capital, four directors, to be elected in the prescribed manner by such shareholders; 2*[(ca) one director, from among the employees of the State Bank, who are workmen, to be appointed by the Central Government in the manner provided in the rules made under this Act; (cb) one director, from among such of the employees of the State Bank, as are not workmen, to be appointed by the Central Government in the manner provided in the rules made under this Act;] (d) not less than two and not more than six directors to be nominated by the Central Government in consultation with the Reserve Bank, from among persons having special knowledge of the working of co-operative institutions and of rural economy or experience in commerce, industry, banking or finance;] (e) one director to be nominated by the Central Government: and (f) one director to be nominated by the Reserve Bank. 3* * * * * *
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