State Bank of India Act,1955
Act No : 23
Section :
Disqualifications for directorship of Central Board or membership ofLocal Boards or Committees.
22. Disqualifications for directorship of Central Board or membership of Local Boards or Committees. (1) No person shall be qualified to be a director of the Central Board or a member of a Local Board or of a Local Committee if-- (a) he holds the office of director, provisional director, promoter, agent or manager of any banking company already established or advertised as about to be established; or (b) he is a salaried officer of Government not specially authorised by the Central Government to be a director or member; or (c) he has been removed or dismissed from the service of Government on a charge of corruption or bribery; or ---------------------------------------------------------------------- 1. Subs. by Act 48 of 1973, s. 6, for certain words (w.e.f. 1-3- 1977). 2. Ins. by s. 6, ibid. (w.e.f. 1-3-1977). 120 (d) he holds any office of profit under the State Bank other than the office of chairman, vice-chairman, 1*[managing director, 2*[3*[chief general manager],] or legal or technical adviser]; or 4*[(da) in the case of a director appointed under clause (ca) or clause (cb) 7**** of section 19,-- (i) he is not serving in the State Bank or has not been serving in it for a continuous period of at least five years; and (ii) he is of such age that there is a likelihood of his attaining the age of superannuation during his term of office as a director; or] (e) he is or at any time has been adjudicated an insolvent or has suspended payment of his debts or has compounded with his creditors; or (f) he is declared lunatic or becomes of unsound mind; or (g) he is or has been convicted of any offence involving moral turpitude; or 6*[(h) in the case of an elected director, he is not registered as a holder in his own right of unencumbered shares in the State Bank of a nominal value of at least five thousand rupees: Provided that in the case of a director appointed under clause (ca) or clause (cb) of section 19, the disqualification mentioned in clause (d) shall not operate.] ---------------------------------------------------------------------- 1. Subs. by Act 26 of 1959, s. 2, for "or managing director". 2. Ins. by Act 35 of 1964, s. 7 (w.e.f. 1-12-1964). 3. Subs. by Act 48 of 1973, s. 7, for "secretary and treasurer" (w.e.f. 1-7-1974). 4. Ins. by s. 7, ibid. (w.e.f. 1-7-1974). 5. Certain words omitted by Act 3 of 1994 s. 13 (w.e.f. 15-10-1993). 6. Subs. by s. 12, ibid., for cls. (h) (w.e.f. 15-10-1995). 121 (2) No two persons who are partners of the same firm or are directors of the same private company or one of whom is an agent of the other or holds a power of attorney from a firm of which the other is a partner may be directors of the Central Board or members of the same Local Board or Local Committee at the same time. (3) The appointment, nomination or election as director or member of a Local Board or of a Local Committee of any person who is a member of Parliament or the Legislature of any State shall be void unless within two months of the date of his appointment, nomination or election he ceases to be a member of Parliament or the State Legislature, and if any director or member of a Local Board or of a Local Committee is elected or nominated as a member of Parliament or any State Legislature, he shall cease to be a director or member of the Local Board or of the Local Committee as from the date of such election or nomination, as the case may be. 1*[(4) IN this section,-- (a) "banking company" has the same meaning as in the 2*[Banking Regulation, Act, 1949 (10 of 1949)] (b) "manager" means the chief executive officer, by whatever name called, of a banking company; (c) "private company" has the same meaning as in the Companies Act, 1956. (1 of 1956)]
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