Section 16 in State Bank of India General Regulations, 1955
16. Power to refuse or suspend transfers.
(1)[The Central Board or its Executive Committee] [Substituted 'A Local Board' by Resn. C.B.S.B.I. , dated 29-11-1994 (w.e.f. 15-10-1993).] may decline to register any transfer of shares unless: --(a)[ ***] [Deleted by Resn. C.B.S.B.I., dated 20-11-1964.](b)the instrument of transfer is accompanied by the certificate of the shares to which it relates, and such other evidence as the State Bank may reasonably require to show the right of the transferor to make the transfer;(c)it is satisfied after such inquiry as it may consider necessary that the transferee is qualified to be registered as a shareholder of the State Bank in respect of the shares covered by the instrument of transfer, [***]. [Omitted 'and that on registration of transfer, the transferee will not be registered on more than one register' by Resn. C.B.S.B.I. , dated 29-11-1994 (w.e.f. 15-10-1993).](2)[ ***] [Sub-regulation (2) deleted by Resn. C.B.S.B.I., dated 22-1-1959.](2)[] [Sub-regulation (3) re-numbered as sub-regulation (2) by Resn. C.B.S.B.I., dated 22-1-1959.] [The Central Board or its Executive Committee] [Substituted 'A Local Board' by Resn. C.B.S.B.I. , dated 29-11-1994 (w.e.f. 15-10-1993).] may suspend the registration of transfer during any period in which the registers are closed.
