Section 59 in The Orissa State Financial Corporation General Regulations, 2003
59. Meeting of the Board.
- (i) A meeting of the Board shall be held at least once during each quarter and shall be convened by the Managing Director in accordance with the instructions, if any, of the Board.(ii)Any three Directors may require the Managing Director to convene a meeting of the Board at any time and the Managing Director shall, on receipt of the requisition, convene a meeting of the Board giving sufficient notice, provided that the date of the meeting so convened shall not be later than 21 days from the date of the receipt of the requisition.(iii)Meetings of the Board shall be held at the place where the Head Office of the Corporation is situated, or at such other place within the jurisdiction of the Corporation as the Board may decide.(iv)Ordinarily not less than 15 days notice shall be given of each meeting of the Board, and such notice shall be sent to every Director to his usual address in India. Should it be found necessary to convene a emergency meeting, a notice shall be sent to every Director at the usual address in India sufficiently in advance to enable him to attend.(v)No business other than that for which the meeting was convened shall be discussed at a meeting of the Board except with the consent of the person presiding at the meeting and a majority of the Directors present, unless one clear week's notice has been given of the same in writing to the Chairman.(vi)Quorum for the transaction of-business at a meeting of the Board shall be one-third of the total number of persons for the time being constituting the Board (any fraction contained in that one-third being rounded off as one), or not less than three Directors, whichever is less.(vii)In the event of there being a casual vacancy or otherwise in the office of the Chairman which cannot be filled before the date on which a meeting of the Board may have to be called, the Directors present at the meeting may elect a Director from amongst themselves to preside over the meeting.(viii)If for any reason the Chairman of the Board is unable to attend any meeting of the Board, a Director authorised by the Chairman of the Board in writing shall preside at such meeting, but if the Director so authorised is absent or if no such authorisation has been made, the Board may elect any of its members to preside at that meeting.(ix)Minutes of Meetings of the Board:(a)The Corporation shall cause proceedings to be maintained in the books kept for the purpose which may be in the form of binders containing loose leaves.(b)Any such minutes, if signed by the Chairman of the meeting at which the proceedings took place or by the Chairman of the next succeeding meeting shall be evidence of such proceedings.(c)Until the contrary is proved, every general meeting in respect of the proceedings here of minutes have been so recorded shall be deemed to have been duly called and held, and all proceedings taking place thereat, to have duly taken place.(d)If for any reason, the minutes of any meeting could not be signed in the-manner specified in clause C above, such minutes shall be deemed to be in order if signed by the Managing Director on the authorisation of a meeting of the Board held thereafter.
