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State Bank of India Subsidiary Banks Act, 1959 Section 44 - Bare Act

StateCentral Government
Year
Section TitleGeneral Meetings
Act Info:

(1) A general meeting (Hereinafter referred to as an annual general meeting) of a subsidiary bank shall be held1[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.

2[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's report, is under sub-section (1) of Section 43, forwarded to3[the State Bank, the Reserve Bank or the Central Government ], whichever date is earlier. ]

(2) The shareholders present at an annual general meeting shall be emitted to 6[discuss and adopt the balance sheet] and profit and loss account of the bank concerned, made up to the previous 31st day of 7[March] 14[or the date notified under section 39, as the case may be,] the report of the Board of Directors on the working4[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 7[March] 5[or the date notified under section 39. as the case may be.] all the shares in the issued capital of that bank arc held by the State Bank.

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1. Substituted for the words "annually before the end of March" by the State Bank Laws (Amendment) Act, 1973. (48 of 1973), Section 33 w.e.f. 31-12-1971.

2. Inserted, by the State Bank Laws (Amendment) Act, 1973. (48 of 1973), Section 33 w.e.f. 31-12-1971.

3. Substituted for the words "the State Bank, or to the Reserve Bank by the Banking Laws (Amendment) Act, 1983, (1 of 1984), Section 52 w.e.f.15-2-1984.

4. Inserted, by the Banking Laws (Amendment) Act, 1983, (1 of 1984), Section 52 w.e.f.15-2-1984.

5. Inserted by Banking, Public Financial Institutions and Negotiable Instruments Laws (Amendment) Act (66 of 1998), Section 22 w.e.f .30-12-88.

6. Substituted by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) for the words "discuss the balance sheet"

7. Substituted by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) for the word "December".




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