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[Cites 0, Cited by 0] [Section 5] [Entire Act]

Union of India - Subsection

Section 5(4) in The State Bank Of India (Subsidiary Banks) Act, 1959

(4)Notwithstanding anything contained in sub-section (1), the State Bank may, [in consultation with the Reserve Bank and with the approval of the Central Government] [Substituted by Act 30 of 2007 (w.e.f. 18.6.2007) ], authorise a new bank to increase or reduce its authorised capital]
Prior to substitution section 6 read as -6. Authorised capital of new banks.-(1) Subject to the provisions of this Act, the authorised capital of the State Bank of Mysore and the State Bank of Travancore shall be rupees two crores each, and the authorised capital of every other new bank shall be rupees one crore.(2) The authorised capital of every new bank shall be divided into shares of one hundred rupees each.(3) Notwithstanding anything contained in this section, the State Bank may, with the approval of the Reserve Bank, authorise a new bank to increase or reduce its authorised capital:Provided that where the authorised capital is so increased, the shares issued shall be of the denomination specified in sub-section (2).