Section 3. The word ", vice-chairman" omitted by Act 27 of 2010, s. 18 (w.e.f. 15-9-2010)

3. The word ", vice-chairman" omitted by Act 27 of 2010, s. 18 (w.e.f. 15-9-2010). 4. Sub-section (2) omitted by Act 73 of 1976, s. 4 (w.e.f. 11-6-1976). 5. The words "after consulting the Reserve Bank," omitted by Act 27 of 2010, s. 18 (w.e.f. 15-9-2010). 6. Subs. by Act 48 of 1973, s. 8, for "nominated under clause (d)" (w.e.f. 1-7-1974). 7. Subs. by Act 3 of 1994, s. 14, for "of sub-section (1) of section 19" (w.e.f. 15-10-1993). 8. Ins. by Act 35 of 1964, s. 8 (w.e.f. 1-12-1964). 9. Subs. by Act 48 of 1973, s. 8, for "nominate" (w.e.f. 1-7-1974). 10. Subs. by Act 32 of 2007, s. 8, for "Reserve Bank" (w.e.f. 29-6-2007). 3. Notwithstanding the transfer of the shares in the capital of the Imperial Bank to the Reserve Bank, any shareholder who immediately before the appointed day is entitled to payment of dividend on the shares — of the Imperial Bank held by him shall be entitled to receive from the State Bank (a) all dividends accruing due on his shares in respect of any half-year which ended before the appointed day and remaining unpaid; (b) dividends calculated at a rate to be specified by the Central Government in respect of any period immediately preceding the appointed day for which the Imperial Bank has not declared any dividend. 4.(1) The compensation provided for in this Schedule shall be given in Central Government securities, and the form of such securities and the value thereof, computed with reference to their market value, shall be such as the Central Government may, by notification in the Official Gazette, specify in this behalf: Provided that where the amount of such compensation is not an exact multiple of the value of the Government security as so notified, the amount in excess of the nearest lower multiple of such value shall be paid by cheque drawn on the Reserve Bank. 3. The word "and" omitted by Act 27 of 2010, s. 22 (w.e.f. 15-9-2010). 4. The words "and the vice-chairman" omitted by s. 22, ibid . (w.e.f. 15-9-2010). 5. Ins. by s. 22, ibid. (w.e.f. 15-9-2010). 6. Subs. by Act 73 of 1976, s. 4, for certain words (w.e.f. 11-6-1976). 7. The proviso omitted by s. 4, ibid . (w.e.f. 11-6-1976). 8. Subs. by Act 27 of 2010, s. 23, for sub-section (1) and (2) (w.e.f. 15-9-2010). (3) A director who is directly or indirectly concerned or interested in any contract, loan, arrangement or proposal entered into or proposed to be entered into by or on behalf of the State Bank shall at the earliest possible opportunity disclose the nature of his interest to the Central Board and shall not be present at any meeting of the Central Board when any such contract, loan, arrangement or proposal is discussed unless his presence is required by the other directors for the purpose of eliciting information, and no director so required to be present shall vote on any such contract, loan, arrangement or proposal. 1[Provided that nothing contained in this sub-section shall apply to such director by reason only of his being— (2) Notwithstanding anything contained in sub-paragraph (1), any person who is registered as the holder of a share in the Imperial Bank on the 19th day of December, 1954, and continues to be so until the appointed day shall, if he applies in writing in this behalf to the Reserve Bank before the expiry of three months from the appointed day, be entitled to be paid, by cheque drawn on the Reserve Bank, any compensation payable to him upto the first ten thousand rupees. (i) a shareholder (other than a director) holding not more than two per cent. of the paid-up capital in any public company as defined in the Companies Act, 1956 (1 of 1956) or any corporation established by or under any law for the time being in force in India or any co-operative society with which or to which the State Bank has entered into or made, or proposes to enter into or make, a contract, loan, arrangement or proposal; or (ii) a director ex officio of the State Bank[2] *,[3] [or]] 4[(iii) an officer or other employee of the State Bank, if he is a director appointed under clause (ca) or clause (cb)[5] * of section 19.] (4) If for any reason neither the chairman nor the vice-chairman is able to be present at a meeting of the Central Board, any director,[6] * authorised by the chairman in writing in this behalf, and in the absence of such authorisation,[7] [any director] elected by the directors present from amongst themselves, shall preside at the meeting and, in the event of equality of votes, shall have a second or casting vote. 8[31A. Meetings of Local Boards .—(1) A Local Board shall meet at such time and place and shall observe such rules of procedure in regard to the transaction of business at its meetings as may be prescribed. (2) All questions at the meeting shall be decided by a majority of the votes of the members present and in the case of equality of votes, the person presiding at the meeting shall have a second or casting vote. (3) A member who is directly or indirectly concerned or interested in any contract, loan, arrangement or proposal entered into or proposed to be entered into by or on behalf of the State Bank, shall, at the earliest possible opportunity, disclose the nature of his interest to the Local Board and shall not be present at any meeting of the Local Board when any such contract, loan, arrangement or proposal is discussed unless his presence is required by the other members for the purpose of eliciting information, and no member so required to be present shall vote on any such contract, loan, arrangement or proposal: Provided that nothing contained in this sub-section shall apply to such member by reason only of his being— (i) a shareholder (other than a director) holding not more than two per cent. of the paid-up capital in any public company as defined in the Companies Act, 1956 (1 of 1956), or any corporation established by or under any law for the time being in force in India or any co-operative society, with which or to which the State Bank has entered into or made or proposes to enter into or make, a contract, loan, arrangement or proposal; or (ii) a director ex officio of the State Bank[9] *. 1. Ins. by Act 56 of 1962, s. 2 (w.e.f. 1-1-1963). 2. The words "or a director of a subsidiary bank" omitted by Act 19 of 2018, s. 5 (w.e.f. 1-4-2017). 3. Added by Act 48 of 1973, s. 10 (w.e.f. 1-7-1974). 4. Ins. by s. 10, ibid . (w.e.f. 26-6-1976). 5. The words, brackets and figure "of sub-section (1)" omitted by Act 3 of 1994, s. 16 (w.e.f. 15-10-1993) 6. The words ", other than a managing director" omitted by Act 48 of 1973, s. 10 (w.e.f. 1-7-1974). 7. Subs. by s. 10, ibid., for "any such director" (w.e.f. 1-7-1974). 8. Ins. by Act 35 of 1964, s. 10 (w.e.f. 1-2-1964). 9. The words "or a director of a subsidiary bank" omitted by Act 19 of 2018, s. 6 (w.e.f. 1-4-2017). (4) If for any reason neither the president nor the vice-president is able to be present at a meeting of the Local Board, any member,[1] [other than the Chief General Manager], elected by the members present from amongst themselves, shall preside at the meeting. (5) Notwithstanding anything contained in this section, the chairman shall preside at any meeting of a Local Board at which he is present and in the absence of the chairman,[2] [the managing director authorised by the chairman], shall, whenever he is present, preside at such meeting.]