State Bank of India (Subsidiary Banks) Act : Transferability of shares. Indian Bare Acts :

State Bank of India (Subsidiary Banks) Act,1959

Act No : 38

Section : Transferability of shares.

18. Transferability of shares.-(1) Save as otherwise provided in sub-section (2), the shares of a subsidiary bank shall be freely transferable. (2) Nothing contained in sub-section (1) shall entitle the State Bank to transfer any shares held by it in any subsidiary bank such transfer will result in reducing the shares held by it to less than fifty-five per cent of the issued capital of that subsidiary bank.