State Bank of India Act,1955
Act No : 23
Section :
Powers of Local Board.
21B. Powers of Local Board.- Save as may otherwise be prescribed and subject to any general or special directions which the Central Board may give from time to time, a Local Board shall, in respect of the area 5*[falling within the jurisdicition] shall of the local head office for which the Board has been constituted, exercise all powers and perform all functions and ---------------------------------------------------------------------- 1. Ins. by Act 35 of 1964, s. 6 (w.e.f. 1-12-1964). 2. Subs. by Act 66 of 1988 s. 13, for sub-section (1) (w.e.f. ). 3. Sub-section (2) omitted by Act 3 of 1994 s. 11 (w.e.f. 15-10-1993). 4. Ins. by Act 66 of 1988, s. 13 (w.e.f. .......). 5. Subs. by Act 3 of 1994, s. 12, for certain words (w.e.f. 15-10-1993). 119 duties of the State Bank 1*[in relation to the business of banking and the forms of business set out in clauses (a), (b), (e), (f), (g), (h), (i), (k) and (l) of sub-section (1) of section 6 of the Banking regulation Act, 1949 (10 of 1949), and such other forms of business referred to in sub-section (1) of the said section 6, as may be approved by the Central Board in this behalf and shall also] exercise such other powers and perform such other functions and duties as may be conferred on or assigned to it by the Central Board: 2*[Provided that a Local Board shall transact the businesses of borrowing of money and the acquiring, holding, issuing on commission, under-writing and dealing in stock, funds, shares, debentures, debenture stock, bonds, obligations securities and investments, only if the Central Board approves any of such businesses in this behalf and confers or assigns any of such businesses to the Local Board.]
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