Section 38 in Orissa State Financial Corporation General Regulations, 1957
38. Meetings of the Board.
(1)A meeting of the Board shall be held at least once during each quarter of a calendar year and shall be convened by the Managing Director.(2)The Chairman or 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 to be convened shall not be later than 21 days from the date of the receipt of the requisition.(3)Meetings of the Board shall be held at the place where the Head Office of the Corporation is situated, or at such other place in the State of Orissa as the Board may decide.(4)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 registered address should it be found necessary to convene and an emergency meeting, a notice shall be sent to every Director and the address registered with the corporation sufficiently in advance to enable him to attend.(5)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 Chairman and a majority of the Directors present, unless one clear week's notice has been given of the same in writing to the Chairman.(6)Four Directors, of whom at least one shall be a nominated Director and one elected Director, shall form quorum for the transaction of business.(7)In the event of there being a casual vacancy in the office of the Chairman which cannot be filled sooner than or before the date on which a meeting of the Board may have to be called, the Directors, present at the meeting may elect from among themselves a Director, other than the Managing Director, to preside at the meeting.(8)A copy of the proceedings of each Board meeting shall be circulated as soon as possible thereafter for the information of the Directors and shall be signed by the Chairman of that or the next succeeding meeting.
