State Bank of India (Subsidiary Banks) Act : Closing of annual accounts. Indian Bare Acts :

State Bank of India (Subsidiary Banks) Act,1959

Act No : 38

Section : Closing of annual accounts.

39. Closing of annual accounts.-A subsidiary bank shall cause its books to be closed and balanced 2*[as] on the thirty-first day of December 3*[or such other date in each year as the Central Government may, by notification in the Official Gazette, specify] 3*[Provided that with a view to facilitating the transition from one period of accounting to another period of accounting under this section, the Central Government may, by order published in the Official Gazette, make such provisions as it considers necessary or expedient for the closing and balancing of, or for other matters relating to, the books in respect of the concerned years.]