Section 12(2) in The State Bank Of India (Subsidiary Banks) Act, 1959
(2)The [managing director] [Substituted by Act 48 of 1973, Section 21, for "general manager" (w.e.f. 1-7-1974)] 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 the [managing director] [Substituted by Act 48 of 1973, Section 21, for "general manager" (w.e.f. 1-7-1974)] 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.
