Banking and Insurance | Comments (0)
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Year : 2010
Section -27 Amendment of section 40
In section 40 of the principal Act,-
(a) In sub-section (1), for the word "December", the word "March" shall be substituted;
(b) For sub-section (2), the following sub-section shall be substituted, namely:-
(2) The balance sheet and the profit and loss account shall be signed by the chairman, managing directors and at least three other directors of the Central Board.
Section -28 Amendment of section 41
In section 41 of the principal Act,-
(a) In sub-section (1), for the words "the Reserve Bank in consultation with the Central Government", the words "the State Bank with the previous approval of the Reserve Bank" shall be substituted;
(b) In sub-section (5), for the words "the Reserve Bank", the words "the State Bank with the previous approval of the Reserve Bank" shall be substituted.
Section -29 Substitution of new section for section 42
For section 42 of the principal Act, the following section shall be substituted, namely:-
42. Balance sheet, etc., of State Bank may be discussed at general meeting.-
(1) An annual general meeting shall be held in each financial year at the Corporate Centre or at such other place in Mumbai other than the Corporate Centre or at such other place in India and at such time, as shall from time to time be specified by the Central Board and a general meeting other than an annual general meeting may be convened by the State Bank at any other time and at such place in India as shall from time to time be specified by the Central Board:
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' report, under sub-section (1) of section 40, is forwarded to the Central Government or to the Reserve Bank, whichever date is earlier.
(2) The shareholders present at an annual general meeting shall be entitled to discuss and adopt the balance sheet and the profit and loss account of the State Bank made up to the previous 31st day of March or the date specified under section 39, as the case may be, the report of the Central Board on the working and activities of the State Bank for the period covered by the accounts and the auditors' report on the balance sheet and accounts.
