State Bank of India (Subsidiary Banks) Act,1959

Act No : 38

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Section : Management.

24. Management.- (1) The State Bank may, from time to time, give directions and instructions to a subsidiary bank in regard to any of its affairs and business, and that bank shall be bound to comply with the directions and instructions so given. (2) Subject to any such directions and instructions, the general superintendence and conduct of the affairs and business of a subsidiary bank shall, as from the appointed day, vest in a Board of Directors who may, with the assistance of the 1*[managing director], exercise all powers and do all such acts and things as may be exercised or done by that bank. (3) The Board of Directors of a subsidiary bank shall, in discharging its functions under this Act, act on business principles, regard being had to public interest. ---------------------------------------------------------------------- 1. Subs. by Act 48 of 1973, s. 21. for "general manager" (w.e.f. 1- 7-1974). 187

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