State Bank of India Act : Issued capital. Indian Bare Acts :

State Bank of India Act,1955

Act No : 23

Section : Issued capital.

5. Issued capital.- (1) The issued capital of the State Bank shall, on the appointed day, be five crores, sixty-two lakhs and fifty thousand rupees ---------------------------------------------------------------------- 1. Ins. by Act 38 of 1959, s. 64 and Sch. III (w.e.f. 10-9-1959). 2. Ins. by Act 35 of 1964, s. 2 (w.e.f. 1-12-1964). 3. Ins. by Act 48 of 1973, s. 2 (w.e.f. 1-7-1974). 4. Subs. by Act 3 of 1994, s. 2 (w.e.f. 15-10-1993). 5. Subs. by s. 2, ibid., for "one hundred rupees" (w.e.f. 15-10-1993). 107 divided into five lakhs, sixty-two thousand and five hundred shares, all of which shall, on the appointed day, stand allotted to the Reserve Bank in lieu of the shares of the Imperial Bank 1*[transferred to and vested in it under section 6]. (2) The Central Board may from time to time increase the issued capital but no increase in the issued capital shall be made in such a manner that the Reserve Bank holds at any time less than fifty-five per cent. of the issued capital of the State Bank. (3) No increase in the issued capital beyond twelve crores and fifty lakhs of rupees shall be made under sub-section (2) without the previous sanction of the Central Government.