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Union of India - Section

Section 31 in The State Bank Of India Act, 1955

31. [ Meetings of the Central Board. [Substituted by Act 27 of the 2010]

(1)The Central Board shall meet at such time and place and shall observe such rules of procedure in regard to the transaction of business at its meetings as may be prescribed; and the meeting of the Central Board may be held by participation of the directors of the Central Board through videoconferencing or such other electronic means, as may be prescribed, which are capable of recording and recognising the participation of the directors and the proceedings of such meetings are capable of being recorded and stored:Provided that the Central Government may in consultation with the Reserve Bank, by notification in the Official Gazette, specify the matters which shall not be discussed in a meeting of the Central Board held through videoconferencing or such other electronic means.
(2)All questions at the meeting shall be decided by a majority of the votes of the directors present in the meeting or through videoconferencing or such other electronic means and in the case of equality of votes the chairman or, in his absence, the managing director authorised by the chairman shall have a second or casting vote.]
(3)A director who is directly or indirectly concerned or interested in any contract, loan, arrangement or proposal entered into or proposed to be entered into by or on behalf of the State Bank shall at the earliest possible opportunity disclose the nature of his interest to the Central Board and shall not be present at any meeting of the Central Board when any such contract, loan, arrangement or proposal is discussed unless his presence is required by the other directors for the purpose of eliciting information, and no director so required to be present shall vote on any such contract, loan, arrangement or proposal:Provided that nothing contained in this sub-section shall apply to such director by reason only for his being-
(i)a shareholder (other than a director) holding not more than two per cent. of the paid-up capital in any public company as defined in the Companies Act, 1956 (1 of 1956), or any corporation established by or under any law for the time being in force in India or any co-operative society, with which or to which the State Bank has entered into or made, or proposes to enter into or make, a contract, loan, arrangement or proposal; or
(ii)a director ex officio of the State Bank [***] [Omitted 'or a director of a subsidiary bank' by State Banks (Repeal and Amendment) Act, 2018 (Act 19 of 2018), dated 2.8.2018.]; or
(iii)an officer or other employee of the State Bank, if he is a director appointed under clause (ca) or clause (cb) [* * *] of section 19.
(4)If for any reason neither the chairman nor the [managing director authorised by the chairman] [Substituted by Act 27 of 2010 for the word "vice-chairman"] is able to be present at a meeting of the Central Board, any director, [* * *] authorised by the chairman in writing in this behalf, and in the absence of such authorisation, any director elected by the directors present from amongst themselves, shall preside at the meeting and, in the event of equality of votes, shall have a second or casting vote.
(1) The Central Board shall meet at such time and place and shall observe such rules of procedure in regard to the transaction of business at its meetings as may be prescribed.(2) All questions at the meeting shall be decided by a majority of the votes of the directors present and in the case of equality of votes, the chairman or, in his absence, the vice-chairman shall have a second or casting vote.