Section 42 in Orissa State Financial Corporation General Regulations, 1957
42. Appointment of Advisory Committee.
(1)The Board may appoint Advisory Committees consisting of Directors or Officers of the Corporation or such other persons as they deem fit for technical and other advice so that they can advise the Corporation in the efficient discharge of its functions.(2)The Managing Director shall be the Chairman of each Advisory Committee appointed by the Board. If the Managing Director is for any reason remained absent from meeting of an Advisory Committee, a person authorised by him in this behalf in writing shall preside at that meeting and in default of such authorisation or in the absence of the person so authorised the Committee may elect a chairman to preside at that meeting.(3)A member of an Advisory Committee who is directly or indirectly interested in any contract, loan or arrangement which comes before such committee shall disclose the nature of his interest to the Board and to such committee and shall not be present at any meeting of the committee when such contract, loan or arrangement is discussed, unless his presence is required by the other members of the Committee for the purpose of eliciting information. When any member is so required to be present, he shall not vote on any such contract, loan or arrangement and, if he does so, his vote shall be invalid and shall not be counted.(4)Each member of an Advisory Committee, who is not a Director, Auditors, Officer or other employee of the corporation and who has not already made a declaration under Section 40 shall, before entering upon his duties, be required to sign, a declaration of a fidelity and secrecy to the effect set out in the form given in the schedule to the Act.(5)Each member of an Advisory Committee (other than the Managing Director, an officer of the Corporation and an employee of the State Government, the Reserve Bank of India, or the Industrial Finance Corporation of India) shall receive such remuneration as may be fixed by the Board not exceeding Rs.30 for each meeting of the committee attended by him.(6)In addition, each member attending a meeting of an Advisory Committee shall be paid his travelling and halting expenses, if any, on such scale as may be fixed by the Board from time to time.
