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Union of India - Section
Section 42 in The State Bank Of India Act, 1955
42. [ Balance sheet, etc., of State Bank may be discussed at general meeting. [Substituted by Act 27 of the 2010]
| 42. Balance sheet, etc., of State Bank may be discussed at general meeting.- (1) A general meeting in this Act referred to as an annual general meeting) shall be held in each year at such time and at such place where there is a local head office of the State Bank, as shall from time to time be specified by the Central Board, [* * *] and a general meeting may be convened by the State Bank at any other time:Provided that such annual general meeting shall be held before the expiry of six weeks from the date on which the balance sheet, together with the profit and loss account and auditors' report, is, under sub-section (1) of section 40, forwarded to the Central Government or to the Reserve Bank, whichever date is earlier.(2) The shareholders present at an annual general meeting shall be entitled to discuss the balance sheet and profit and loss account of the State Bank made up to the previous 31st day of December, or the date specified under section 39, as the case may be, the report of the Central Board on the working and activities of the State Bank for the period covered by the accounts and the auditors' report on the balance sheet and accounts. |