10. Transferability of shares
(1)
Save as otherwise provided in sub-section (2), the shares of the State Bank shall be freely transferable.
(2)
Nothing contained in sub-section (1) shall entitle the [Central Government] to transfer any shares held by it in the State Bank if such transfer will result in reducing the shares held by it to less than [fifty-one per cent. of the issued capital consisting of equity shares,] of the State Bank.
Amendment notes (2)
- Subs w.e.f. 29-6-2007 . Subs. by Act 32 of 2007, s. 4, for "Reserve Bank" (w.e.f. 29-6-2007).
- Subs w.e.f. 15-9-2010 . Subs. by 27 of 2010, s. 5, for "fifty-five per cent. of the issued capital" (w.e.f. 15-9-2010).