State Bank of India (Subsidiary Banks) Act : Transfer of shares of existing banks to State Bank. Indian

State Bank of India (Subsidiary Banks) Act,1959

Act No : 38

Section : Transfer of shares of existing banks to State Bank.

9. Transfer of shares of existing banks to State Bank.- On the constitution of a new bank, all shares in the capital of the corresponding bank, where such corresponding bank has a share capital, shall stand transferred to, and shall vest in, the State Bank, free of all trusts, liabilities and encumbrances.