Section 40(1) in State Bank of India General Regulations, 1955
(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.
