law: State Bank of India Act, 1955
  6. Transfer of assets and liabilities of the Imperial Bank
  
  to the State Bank
  (1) Subject to the other provisions contained in this Act, on
  
  the appointed day,-
  (a) all shares in the capital of the Imperial
  
  Bank shall be transferred to, and shall vest in, the Reserve Bank, free of all
  
  trusts, liabilities and encumbrances, and
  (b) the undertaking of the Imperial Bank shall
  
  be transferred to, and shall vest in, the State Bank.
  (2) The undertaking of the Imperial Bank shall be deemed to
  
  include all rights, powers, authorities and privileges, and all property,
  
  movable and immovable, including cash balances, Reserve funds, investments and
  
  all other interests and rights in, or arising out of such property as may be in
  
  the possession of that Bank immediately before the appointed day, and all
  
  books, accounts, and documents relating thereto, and shall also be deemed to
  
  include all debts, liabilities and obligations of whatever king then existing
  
  of that Bank.
   9  [(3) Unless otherwise expressly provided by or under this
  
  Act, all contracts, deeds, bonds, agreements, powers of attorney, grants of
  
  legal representation and other instruments of whatever nature subsisting or
  
  having effect immediately before the appointed day and to which the Imperial
  
  Bank is a party or which are in favor of the Imperial Bank shall be of as full
  
  force and effect against or in favor of the State Bank, as the case may be, and
  
  may be enforced of acted upon as fully and effectually as if instead of the
  
  Imperial Bank the State Bank had been a party thereto or as if they had been
  
  issued in favor of the State Bank.]
  (4) If on the appointed day any suit, appeal or other legal
  
  proceeding of whatever nature, is pending by or against the Imperial Bank, the
  
  same shall not abate, be discontinued or be in any way prejudicially affected
  
  by reason of the transfer to the State Bank of the undertaking f the Imperial
  
  Bank or of anything contained in this Act, but the suit, appeal or other
  
  proceeding may be continued, prosecuted and enforced by or against the State
  
  Bank.