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[Cites 0, Cited by 0] [Section 18] [Entire Act]

Union of India - Subsection

Section 18(4) in The State Bank Of India (Subsidiary Banks) Act, 1959

(4)Where the nominee is a minor, it shall be lawful for the individual registered as the holder of the shares to make nomination to appoint, in the prescribed manner, any person to become entitled to the shares in the event of his death during the minority of the nominee][New section added by Act 30 of 2007 (w.e.f. 18.6.2007) ][19. Restriction on voting rights. - No shareholder, other than the State Bank, shall be entitled to exercise voting rights in respect of any shares held by him in excess of ten per cent. of the issued capital of the subsidiary bank concerned:Provided that the shareholder holding any preference share capital in the subsidiary bank shall, in respect of such capital, have a right to vote only on resolutions placed before such subsidiary bank which directly affect the rights attached to his preference shares:Provided further that no preference shareholder shall be entitled to exercise voting rights in respect of preference shares held by him in excess of ten per cent. of the total voting rights of all the shareholders holding preference share capital only][Substituted by Act 30 of 2007 (w.e.f. 18.6.2007) ][Substituted by Act 56 of 1962, Section 3, for sub-section (13) (w.e.f. 1-1-1963)]
Prior to substitution section 19 read as -19. Restriction on individual holdings.- (1) No person shall be registered as a shareholder in respect of any shares in a subsidiary bank held by him, whether in his own name or jointly with any other person, in excess of two hundred shares, or be entitled to payment of any dividend on the excess shares held by him, or to exercise any of the rights of a shareholder in respect of such excess shares otherwise than for the purpose of selling them:Provided that nothing contained in this sub-section shall apply to--(a) the State Bank;(b) a State Government;(c) a Corporation;(d) an insurer as defined in the Insurance Act, 1938 (4 of 1938);(e) a local authority;(f) a co-operative society;(g) a trustee of a public or private religious or charitable trust;(h) a shareholder of an existing bank who is allotted any shares under sub-section (9) of section 13.(2) Notwithstanding anything contained in sub-section (1), no person referred to in the proviso to that sub-section, other than the State Bank, shall be entitled to exercise voting rights in respect of any shares held by such person[in excess of one per cent.] [Substituted by Act 55 of 1963, Section 30, for "in excess of five per cent." (w.e.f. 1-2-1964)]of the issued capital of the subsidiary bank concerned.