State Bank of India Act,1955

Act No : 23

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Section : Disposal of profits.

38. Disposal of profits.- (1) After making provision for bad and doubtful debts, depreciation in assets, equalisation of dividends, contribution to staff and superannuation funds and for all other matters for which provision ---------------------------------------------------------------------- 1. The word "and" omitted by Act 38 of 1959, s. 64 and Sch. III (w.e.f.10-9-1959). 2. Ins. by ibid. s. 64 and Sch. III (w.e.f. 10-9-1959). 3. Ins. by Act 26 of 1959, s. 7. 4. Subs. by Act 3 of 1994, s. 18, for certain words (w.e.f. 15-10-1993). 133 is necessary by or under this Act or which are usually provided for by banking companies, the State Bank may, out of its net profits, declare a dividend. (2) Subject to the provisions of paragraph 6 of the First Schedule, the rate of dividend shall be determined by the Central Board.

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