Section 24 in State Bank of India General Regulations, 1955
24. Quorum at general meetings.
- [No business shall be transacted at any meeting of the shareholders whether it is the annual general meeting or any special general meeting, unless a quorum of atleast five shareholders consisting of the [Central Government] [Substituted by Resn. C.B.S.B.I., dated 11-5-1989. (Published in Gazette of India, May 27, 1989, Part III, Sec. 4, Page 565).] represented by a duly authorised person and four other shareholders entitled to vote at such meeting in person or by proxy or by duly authorised representatives is present at the commencement of such business, and if within fifteen minutes from the time appointed for the meeting a quorum is not present the chairman may dissolve the meeting or adjourn it to the same day in the following week at the same time and place, and if at such adjourned meeting a quorum is not present, the shareholders who are present in person or by proxy or by duly authorised representative [or by a duly authorised person] [Inserted by Resn. C.B.S.B.I. dated 02-05-2008.] shall form a quorum :Provided that no annual general meeting shall be adjourned to a date later than the date within which such annual general meeting shall be held in terms of the proviso to sub-section (1) of Section 42 of this Act and if adjournment of the meeting to the same day in the following week would have this effect, the annual general meeting shall not be adjourned but the business of the meeting shall be commenced either as soon within one hour from the time appointed for the meetings as a quorum may be present, or immediately after the expiry of one hour from that time and those shareholders who are present in person or by proxy or by duly authorised representative [or by duly authorised person] [Inserted by Resn. C.B.S.B.I. dated 02-05-2008.] at such time shall form a quorum.]
