Section 16B(5) in State Bank of India General Regulations, 1955
(5)A person, who is entitled to the shares under sub-regulation (1) shall be entitled to the dividend and other advantages as if he were the registered holder of the share except that he shall not, before being registered as a shareholder in respect of his share, be entitled in respect of it to exercise any voting rights in the meetings of the shareholders:Provided that the Central Board or its Executive Committee may, at any time, give notice requiring any such person to elect either to be registered himself or to transfer the share, and if the notice is not complied with within sixty days, the Central Board or its Executive Committee may thereafter withhold payment of all dividends, bonus or other monies payable in respect of the share, until the requirements of the notice have been complied with.]
