State Financial Corporations Act,1951
Act No : 63
Section :
Meetings of the Board and Committee.
19. Meetings of the Board and Committee. (1) The Board and the Executive Committee shall meet at such times and places and shall observe such rules of procedure in regard to transaction of business at its meetings as may be provided by regulations made under this Act. (2) All questions at a meeting shall be decided by a majority of votes of the members present, and, in the case of equality of votes, the Chairman or in his absence, any other person presiding, shall have a second or casting vote. (3) No director shall vote on any matter in which he is interested. ---------------------------------------------------------------------- 1. Subs. by Act 56 of 1956, s. 10, for "three". 2. Subs. by Act 52 of 1975, s. 33, for certain words (w.e.f. 16-2- 1976). 3. Subs. by Act 77 of 1972, s. 11, for certain words. 4. Ins. by Act 56 of 1956, s. 10. 82 1*[(3A) If, for any reason, a director nominated under clause (a) or clause (b) or clause (c) of section 10 is unable to attend any meeting of the Board, the State Government, 2*[the Reserve Bank or 3*[the Development Bank]], as the case may be, may depute any other person to attend the said meeting and such person shall, for all purposes of the said meeting, be deemed to be a director nominated under clause (a) or clause (b) or clause (c), as the case may be, of the said section.] 4*[(4) If for any reason a director nominated under clause (a) or clause (b) or clause (c) of section 10 who is a member of the Executive Committee or any other committee is unable to attend any meeting of the Executive Committee or other committee, the State Government, the Reserve Bank or 3*[the Development Bank], as the case may be, may depute any other person to attend the said meeting and such person shall, for the purposes of the said meeting, be deemed to be a member of such committee. (5) If for any reason the Chairman of the Board or the Chairman of the Executive Committee is unable to attend any meeting of the Board or, as the case may be, of the Executive Committee,-- (a) in the case of the meeting of the Board, a director 5*** authorised by the Chairman of the Board in writing shall preside at such meeting, but if the director so authorised is absent or if no such authorisation has been made, the Board may elect a director to preside at that meeting; and (b) in the case of the meeting of the Executive Committee, a member authorised in writing by the Chairman of that Committee shall preside at that meeting, but if the member so authorised is absent or if no such authorisation has been made, the Committee may elect any of its members to preside at that meeting.]
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