Section 64 in The Orissa State Financial Corporation General Regulations, 2003
64. Resolution without meeting valid.
- (i) A resolution in writing circulated by the Managing Director or any Director or Officer of the Corporation duly authorised by the Board to all the Directors at their usual address in India and approved and signed by a simple majority of the Directors/Members, on the Board of the Corporation or where the matter concerns the Executive Committee or any other Committee appointed by the Corporation, who are then in India, one of whom shall be the Chairman of the Board or the Executive Committee or other Committee as the case may be or the Managing Director shall be valid and effectual and shall be deemed to be the resolution passed by the Board, the Executive Committee or other Committee, as the case maybe. The resolution shall be deemed to have been passed on the date on which it is concurred and signed by the last signatory to the regulation.Provided that any resolution passed as aforesaid shall be placed before the next meeting of the Board, Executive Committee or other Committee, as the case may be, for confirmation and or modifications, if any;Provided further that if any dissenting Director or member in writing requires that any resolution so passed shall be placed before a meeting of the Board, Executive Committee or other Committee as the case may be, the resolution shall not be deemed to be valid and effectual as aforesaid unless the resolution is passed at such meeting.(ii)Nothing in clause (1) shall apply to a resolution in respect of any matter relating to granting of any loan or financial assistance in any form to any industrial concerned under the Act.Chapter-VI Manner in which the accommodation granted by the corporation will be secured
