[Cites 0, Cited by 0]
[Entire Act]
Union of India - Section
Section 29 in State Bank of India General Regulations, 1955
29. [ [Omitted by Resn. C.B.S.B.I. , dated 29-11-1994 (w.e.f. 15-10-1993).]
***]| 29.(1) A meeting of the shareholders on a branch register to be called "a local meeting" may be held at the Local Head Office of the State Bank at which the concerned branch register is kept. Such meeting shall be convened by the Chairman at the instance of the Central Board, or on a requisition being received therefor from either the Reserve Bank or other shareholders holding, in the aggregate, not less than 25 per cent of the voting rights held by all shareholders whose names are entered on the concerned branch register.(2) A notice convening a local meeting signed by the Chairman or the Vice-Chairman shall be published at least four weeks before the meeting in the Gazette of India and in at least two newspapers circulating in the area served by the branch register kept at the place where the meeting is to be held.(3) In addition to the shareholders whose names are entered on the branch register concerned, all members of the Local Board of the area of that register, the members of a Local Committee, if any, established in that area, and all directors ordinarily resident in that area shall be entitled to attend a local meeting.(4) The Chairman, or, in his absence, the Vice-Chairman or other directors authorized byt eh Chairman in this behalf shall be the Chairman of the local meeting, and if the Chairman and the Vice-Chairman are unable to attend the meeting for any reason, and there is also no authorization by the Chairman in favour of any other director, the local meeting may elect any shareholder present to be the Chairman of the meeting.(5) Subject to the provisions contained in this regulation, the provisions of this Chapter and of Chapter IV shall, so far as may be, apply to local meetings of the shareholders on a branch register as they apply to general meetings.Provided that references in the said provisions to shareholders shall be deemed to be references to shareholders on the branch register. |