Section 12(1) in The State Bank Of India (Subsidiary Banks) Act, 1959
(1)If, according to the laws of any country outside India, the provisions of this Act by themselves are not effective to transfer or vest any asset or liability situated in that country which forms part of the undertaking of an existing bank to, or in, the corresponding new bank, the affairs of the existing bank in relation to such asset or liability shall, on and from the appointed day, stand entrusted to the [managing director] [Substituted by Act 48 of 1973, Section 21, for "general manager" (w.e.f. 1-7-1974)] for the time being of the corresponding new bank, and the [managing director] [Substituted by Act 48 of 1973, Section 21, for "general manager" (w.e.f. 1-7-1974)] may exercise all powers and do all such acts and things as are exercised or done by the existing bank for the purpose of effectively winding up the affairs of that bank.
