Section 40 in State Bank of India General Regulations, 1955
40. [ Publication of list of candidates. [Substituted by the State Bank of India General (Amendment) Regulations, 2013 (Regulation 40), with effect from 3rd March, 2014, published in the Gazette of India, Extraordinary, Part II. - Section 4, dated 04.03.2014.]
(1)In the case of election of a director, on the first working day following the last date fixed for the receipt of nominations, the managing director authorised by the chairman, shall after such enquiry, as he thinks necessary, satisfy himself in regard to the provisions of regulation 39, and shall accept or reject the nomination of each candidate as may appear to him to be justified, and, in the case of rejection shall briefly record his reasons for so doing.(2)The decision of the managing director authorised by the chairman that a nomination is valid or invalid shall subject to the result of any reference under regulation 42 be final.(3)If there is only one valid nomination for any particular vacancy to be filled by election, the candidate validly nominated for such vacancy shall be deemed to be elected forth with and his name and address shall be published as so elected and in such an event there shall not be any election at the meeting convened for the purpose and if the meeting had been called solely for the purpose of the aforesaid election, it shall stand cancelled.(4)If the number of valid nominations for any particular vacancy exceeds one, the managing director authorised by the chairman shall cause to be published the names and addresses of candidates validly nominated for such vacancy and in such an event there shall be an election by ballot and not by show of hands at the meeting convened for the purpose.(5)All notices in pursuance of sub-regulation (3) and (4) shall be published in the Gazette of India and in not less than two newspapers having wide circulation in India.(6)The managing director authorised by the chairman shall send a copy of every such notice issued by him to the chairman.]
