State Bank of India Act,1955

Act No : 23

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Section : Balance sheet, etc., of State Bank may be discussed at generalmeeting.

42. Balance sheet, etc., of State Bank may be discussed at general meeting.-(1) A general meeting (1*[in this Act] referred to as annual general meeting (shall be held 2*[in each year] at such time and at such place where there is a local head office of the State Bank 3*** and a general meeting may be convened by the State Bank at any other time: 4*[Provided that such annual general meeting shall be held before the expiry of six weeks from the date on which the balance sheet, together with the profit and loss account and auditors' report, is under sub-section (1) of section 40, forwarded to the Central Government or to the Reserve Bank, whichever date is earlier.] (2) The shareholders present at an annual general meeting shall be entitled to discuss the balance sheet and the profit and loss account of the State Bank made up to the previous 31st day of December 5*[or the date specified under section 39, as the case may be] the report of the Central Board on the working 6*[and activities] of the State Bank for the period covered by the accounts and the auditors' report on the balance sheet and accounts.

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