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Bare acts > State Bank of India (Subsidiary Banks) Act, 1959 > Section 44
 
  


 

44. General meetings.- (1) A general meeting (hereinafter referred to as an annual general meeting) of a subsidiary bank shall be held 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:


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 1the State Bank, the Reserve Bank or the Central Government whichever date is earlier.

(2) The shareholders present at an annual general meeting shall be entitled to *[discuss and adopt the balance-sheet] and profit and loss account of the bank concerned, made up to the previous 31st day of *[March], or the date notified under section 39, as the case may be, the report of the Board of Directors on the working 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

*[March] 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.

*[Substituted by State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007]

 

 

 

 

 

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