Section 83 in State Bank of India General Regulations, 1955
83. [ Payment of dividend. [Substituted by Resn. C.B.S.B.I. , dated 11-5-1989 (Published in Gazette of India, May 27, 1989 Part III Section 4, page 565).]
(1)An account of the profits of the State Bank shall be taken as on or after the date specified in terms of Section 39 of the Act every year, and a dividend, if any, shall be declared and paid, as soon as conveniently may be, thereafter. The Central Board may from time to time declare and pay or authorise the payment of such interim dividends as appear to it to be justified.](2)No dividend shall carry interest as against the State Bank.(3)Any one of several persons who are registered as joint holders of any share may give effectual receipts for all dividends in respect of such share.(4)Dividend shall be paid by cheque or warrant drawn on a local head office of the State Bank, and shall be sent through post to the registered address of the shareholder entitled, or in the case of joint holders to the registered address of the one whose name stands first on the register in respect of the joint holding, and every cheque or warrant so sent shall be made payable to the order of the person to whom it is sent.(4A)[. Notwithstanding anything contained in sub-regulation (4), the State Bank may make payment of dividend to any person entitled thereto under the Act or these regulations, either by direct credit to the bank account of such person or by electronic payment system or by any other mode of electronic fund transfer recognised by the Reserve Bank.] [Inserted by the State Bank of India General (Amendment) Regulations, 2013 (Regulation 32), with effect from 3rd March, 2014, published in the Gazette of India, Extraordinary, Part II. - Section 4, dated 04.03.2014.](5)The State Bank shall not make payment of a dividend to any person not entitled thereto under the Act or these regulations, but shall retain the same and make payment thereof to the person who next becomes registered in respect of the share on which such dividend is payable, and is not disentitled under the Act or these regulations to receive it.
