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State Bank of India Subsidiary Banks Act, 1959 Section 12 - Bare Act

StateCentral Government
Year
Section TitleSpecial Provision for Transfer of Foreign Assets
Act Info:

(1) If, according to the laws of any country outside India, the provisions of this Act by themselves are not effective to transfer or vest any asset or liability situated in that country which forms part of the undertaking of an existing bank to, or in, the corresponding new bank, the affairs of the existing bank in relation to such asset or liability shall, on and from the appointed day, stand, entrusted to the1[managing director] for the time being of the corre­sponding new bank and the1[managing director] may exercise all powers and do all such acts and things as are exercised or done by the existing bank for the purpose of effectively winding up the affairs of that bank.

(2) The1[managing director] of the corresponding new bank shall, in exercise of the powers conferred on him by sub-section (1), take all such steps as may be required by the laws of any such country outside India for the purpose of effecting such transfer or vesting, and in connection therewith the1[managing director] may either himself or through any person authorised by him in this behalf, realise any asset and discharge any liability of the existing bank and transfer the net proceeds thereof to the corresponding new bank.

(3) Notwithstanding anything contained in sub-section (1) or sub-section (2) on and from the appointed day, no person shall make any claim or demand or take any proceeding in India against any existing bank or any person acting in its name or on its behalf except in so far as may be necessary for enforcing the provisions of this section or except in so far as it relates to any offence committed by such person.

2[(4) For the purposes of this section,--

(a) "corresponding new bank" means in relation to the Bank of Jaipur Limited, the institution constituted under section 3 as the State Bank of Bikaner,

(b) "existing bank" includes the Bank of Jaipur Limited.]

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1. Substituted for the words "general manager" by the State Bank Laws (Amendment) Act, 1973 (48 of 1973), Section 21 w.e.f 1-7-1974.

2. Inserted by the State-Associated Banks (Miscillaneous Provisions) Act, 1962 [56 of 1962), Section 3 w.e.f. 1-1-1963.




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