law: State Bank of India Act, 1955
  3. Establishment of the State Bank
  (1) A Bank to be called the State Bank of India shall be
  
  constituted to carry on the business of Banking and other business in
  
  accordance with the provisions of this Act and for the purpose of taking over
  
  the undertaking of the Imperial Bank.
  (2) The Reserve Bank, together with such other persons as may
  
  from time to time become shareholders in the State in accordance with the
  
  provisions of this Act, shall, so long as they are shareholders in the State
  
  Bank, Constitute a corporate with perpetual succession and a common seal under
  
  the name of the State body Bank of India, and shall sue and be sued in that
  
  name.
  (3) The State Bank shall have power to acquire and hold
  
  property, whether movable or immovable, for the purposes for which it is
  
  constituted and to dispose of the same.