State Bank of India Act : Dissolution of Imperial Bank, etc. Indian Bare Acts :

State Bank of India Act,1955

Act No : 23

Section : Dissolution of Imperial Bank, etc.

57. Dissolution of Imperial Bank, etc.- (1) On such day as the Central Government may, by notification in the Official Gazette, specify in this behalf, the Imperial Bank shall stand dissolved, and the Imperial Bank of India Act, 1920 (47 of 1920), shall stand repealed. (2) On the day specified in the notification under sub-section (1), the State Bank shall pay to the Reserve Bank a sum of ten lakhs of rupees. (3) If, on the day specified in the notification under sub- section (1), the Imperial Bank has in its possession or custody any assets created on or after the appointed day, such assets shall be disposed of in accordance with directions issued by the Central Government in this behalf.]