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Union of India - Section

Section 15 in State Bank of India General Regulations, 1955

15. Transfer of shares.

(1)Without prejudice to the provisions of Regulations 14, every transfer of the shares of the State Bank shall be in writing in the following form or in any usual or common form which the State Bank shall approve:I/We.....................................of ........................................in consideration of the sum of rupees ...................... paid to me/us by ..............................of ............................ [hereinafter called "transferee(s)"] do hereby transfer to the transferee(s)..................... share/shares of the State Bank of India numbered ......................and [registered in the register] [Substituted 'registered in the Branch Register at' by Resn C.B.S.B.I. , dated 29-11-1994 (w.e.f. 15-10-1993).].............................. to hold unto the transferee(s), his/their executors administrators and assigns, subject to the several conditions contained in the State Bank of India Act, 1955 and the rules and regulations made thereunder, and I/we, the transferee(s), do hereby agree to take the said share/shares subject to the conditions aforesaid and I/we, the transferee(s) request that I/we be [registered in respect of the said share or shares in the register] [Substituted by Resn C.B.S.B.I. , dated 29-11-1994 (w.e.f. 15-10-1993).].
Transferor .. .. .. .. .. .. .. .. Name....................................................
  Address.................................................
  Name......................................................
Witness .. .. .. .. .. .. .. .. Address.................................................
  Occupation............................................
Transferee .. .. .. .. .. .. .. .. Name.....................................................
  Address.................................................
Witness .. .. .. .. .. .. .. .. Name....................................................
  Address.................................................
  Occupation............................................
(2)The instrument of transfer of any share shall be submitted to the [Central Board or its Executive Committee] [Substituted 'Local Board concerned' by Resn. C.B.S.B.I. , dated 29-11-1994 (w.e.f. 15-10-1993).] and shall be signed by the transferor and the transferee, and the transferor shall be deemed to remain the holder of such shares until the name of the transferee is entered in the share register concerned in respect thereof. Each signature to such transfer shall be duly attested by the signature of one credible witness who shall add his address and occupation.
(3)[ Upon receipt by the Central Board or its Executive Committee of an instrument of transfer with the request to register the transferee, the Central Board or its Executive Committee shall, unless it declines registration under Regulation 16 cause the transfer to be registered.] [Substituted by Resn. C.B.S.B.I. , dated 29-11-1994 (w.e.f. 15-10-1993).]