State Bank of India Act : Requirements of foreign law to be complied with in certain cases. Indian Bare

State Bank of India Act,1955

Act No : 23

Section : Requirements of foreign law to be complied with in certain cases.

3*[51. Requirements of foreign law to be complied with in certain cases.- If, according to the laws of any country outside India, the provisions of this Act by themselves are not effective to transfer to and vest in the State Bank any asset or liability which forms part of the undertaking of the Imperial Bank and which is situate in that country, the Imperial Bank shall take all such steps as may be required by the laws of that country for the purpose of effecting or perfecting such transfer and vesting, and in connection therewith the Imperial Bank may realise any asset and discharge any liability and transfer the net proceeds thereof to the State Bank.]