Section 5. [ Repealed .]

THE FIFTH SCHEDULE.—[ Repealed .] THE STATE BANK OF INDIA ACT, 1955 ACT NO. 23 OF 1955[1] [8 th May , 1955.] 5. The word "and" omitted by Act 38 of 1959, s. 64 and the III Sch. (w.e.f. 10-9-1959). 6. Cl.(aa) omitted by Act 19 of 2018, s. 8 (w.e.f. 1-4-2017). 7. Ins. by Act 26 of 1959, s. 7 (w.e.f. 28-8-1959). 8. Subs. by Act 3 of 1994, s. 18, for "Indian Income-tax Act, 1922 (11 of 1922)" (w.e.f. 15-10-1993). 9. Ins. by Act 27 of 2010, s. 25 (w.e.f. 15-9-2010). 10. Subs. by Act 16 of 2025, s. 15, for "dividend" (w.e.f. 1-8-2025). the State Bank shall, within a period of six months from such commencement, transfer such unpaid amount to the account referred to in sub-section (1). 1[(3) The State Bank shall transfer, in accordance with the rules made under section 124 of the Companies Act, 2013 (18 of 2013), to the Investor Education and Protection Fund established under section 125 of the said Act,— (i) any money which remains unpaid or unclaimed for a period of seven years from the date of its transfer in the Unpaid Dividend Account of the State Bank; (ii) all shares in respect of which dividend has not been paid or claimed for a period of seven consecutive years, along with a statement thereof containing the details specified in the said rules; (iii) any interest or redemption amount upon any bond issued by the State Bank which remain unpaid or unclaimed for a period of seven years from the date such interest or such redemption amount became due for payment. 5. Certain words omitted by Act 73 of 1976, s. 4 (w.e.f. 11-6-1976). 6. Subs. by Act 27 of 2010, s. 10, for clause (b) (w.e.f. 15-9-2010). 7. Cl. (bb) omitted by s. 10, ibid . (w.e.f. 15-9-2010). 8. Subs. by Act 32 of 2007, s. 7, for "Reserve Bank" (w.e.f. 29-6-2007). 9. Subs. by Act 3 of 1994, s. 8, for "principal register" (w.e.f. 15-10-1993). 10. Ins. by Act 48 of 1973, s. 3 (w.e.f. 1-7-1974). 11. The words "in consultation with the Reserve Bank" omitted by Act 27 of 2010, s. 10 (w.e.f. 15-9-2010). 12. Subs. by s. 10, ibid ., for clause (f) (w.e.f. 15-9-2010). * 1* * * * 2[19A. Qualifications for election of directors elected by shareholders. —(1) The directors elected under clause (c) of section 19 shall— (a) have special knowledge or experience in respect of one or more of the following areas, namely:— (i) agriculture and rural economy, (ii) banking, (iii) co-operation, (iv) economics, (v) finance, (vi) law, (vii) small-scale industry, (viii) any other area the special knowledge of, and experience in, which in the opinion of the Reserve Bank shall be useful to the State Bank; (b) represent the interests of depositors; or (c) represent the interests of farmers, workers and artisans. (4) Any person whose shares or unclaimed or unpaid money has been transferred to the Investor Education and Protection Fund under sub-section (3), shall be entitled to claim the transfer or refund from the said Fund, in accordance with the rules made under section 124 and section 125 of the Companies Act, 2013 (18 of 2013). (5) The money transferred under sub-section (3) to the Investor Education and Protection Fund shall be utilised for the purposes and in the manner specified in section 125 of the Companies Act, 2013 (18 of 2013).]] 5. (1) Any shareholder to whom compensation is payable under this Schedule may apply to the Reserve Bank before the expiry of three months from the appointed day for the transfer to him of shares in the State Bank in lieu of such compensation, and for the purposes of such transfer the value of each share of the State Bank shall be such as may be determined by the Reserve Bank in this behalf. (2) If on receipt of an application under sub-paragraph (1), the Reserve Bank, in its discretion, decides to transfer any shares to the applicant, it shall issue to the State Bank a warrant in the prescribed form directing it to transfer in favour of the person specified in the warrant such number of shares as may be specified therein out of the shares standing allotted to it under sub-section (1) of section 5, and the State Bank shall be bound to comply with such warrant. (3) A warrant issued by the Reserve Bank under this paragraph shall not be liable to duty under the Indian Stamp Act, 1899 (2 of 1899). (2) Without prejudice to the provisions of sub-section (1) and notwithstanding anything to the contrary contained in this Act or in any other law for the time being in force, no person shall be eligible to be elected as director under clause (c) of section 19 unless he is a person having fit and proper status based upon track record, integrity and such other criteria as the Reserve Bank may notify from time to time in this regard and the Reserve Bank may specify in the notification issued under this sub-section, the authority to determine the fit and proper status, the manner of such determination, the procedure to be followed for such determinations and such other matters as may be considered necessary or incidental thereto. (3) Where the Reserve Bank is of the opinion that any director of the State Bank elected under clause (c) of section 19 does not fulfil the requirements of sub-sections (1) and (2), it may, after giving to such director and the State Bank a reasonable opportunity of being heard, by order, remove such director. (4) On the removal of a director under sub-section (3), the Central Board shall co-opt any other person fulfilling the requirements of sub-sections (1) and (2), as a director in place of the person so removed, till a director is duly elected by the shareholders of the State Bank in the next annual general meeting; and the person so co-opted shall be deemed to have been duly elected by the shareholders of the State Bank as a director.