State Bank of India (Subsidiary Banks) Act,1959
Act No : 38
Section :
General meetings.
44. General meetings.-(1) A general meeting (hereinafter referred to as an annual general meeting) of a subsidiary bank shall be held 4*[in each year] at the place where the head office of the subsidiary bank is situate, and any other general meeting may be convened by the Board of Directors at any time: 9*[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 auditor's report, is, under sub-section (1) of section 43, forwarded to 10*[the State Bank, the Reserve Bank or the Central Government] whichever date is earlier.] --------------------------------------------------------------------- 1. Subs by Act 1 of 1984 s. 51, for certain words (w.e.f. 15-2-1984). 2. Subs. by Act 48 of 1973, s. 34 for certain words (w.e.f. 31-12- 1973). 3. Ins. by Act 66 of 1988, s. 21 (w.e.f. 30-12-1988). 4. Ins. by Act 1 of 1984, s. 51 (w.e.f. 15-2-1984). 5. Ins. by Act 48 of 1973 s.32 (w.e.f. 31-12-1973). 6. Subs. by s. 21, ibid., for "general manager" (w.e.f. 1-7-1974). 7. Omitted by Act 81 of 1985, s. 4 (w.e.f. 1-5-1986). 8. Subs. by Act 48 of 1973 s. 33, for "annually before the end of March" (w.e.f. 31-12-1973). 9. Added by s. 38, ibid. (w.e.f. 31-12-1973). 10. Subs. by Act 1 of 1984 s. 52 (w.e.f. 15-2-1984). 205 (2) The shareholders present at an annual general meeting shall be entitled to discuss the balance-sheet and profit and loss account of the bank concerned, made up to the previous 31st day of December, 1*[or the date notified under section 39, as the case may be], the report of the Board of Directors on the working 1*[and activities] of that bank for the period covered by the accounts and the auditors' report on the balance-sheet and accounts. (3) Nothing contained in this section relating to an annual general meeting shall apply in relation to a subsidiary bank if, as on the previous 31st day of December 1*[or the date notified under section 39, as the case may be] all the shares in the issued capital of that bank are held by the State Bank.
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