Section 50 in The Industrial Development Bank Of India General Regulations, 1994
50. Service of a notice or document to shareholders
.-(1) The Development Bank may serve a notice or a document on any shareholder either personally, or by post at his registered address or if he has no registered address in India at the address, if any, within India supplied by him to the Development Bank for the giving of notice to him.(2)Where a document or a notice is sent by post, the service of such document or notice shall be deemed to be affected by properly addressing, prepaying and posting a letter containing the document or notice :Provided that where a shareholder has intimated to the Development Bank in advance that documents should be sent to him under a certificate of posting or by registered post, with or without acknowledgement due, and has deposited with the Development Bank a sum sufficient to defray the expenses of doing so, service of the document or notice shall not be deemed to be effected unless it is sent in the manner intimated by the shareholder, and unless the contrary is proved, such service shall be deemed to have been effected in the case of a notice of a meeting at the expiration of forty-eight hours after the letter containing the same is posted, and in any other case, at the time at which the letter would have been delivered in the ordinary course of post.(3)A notice or a document advertised in a newspaper widely circulated in India shall be deemed to be duly served on the day on which the advertisement appears, on every shareholder of the Development Bank who has no registered address in India and has not supplied to the Development Bank an address within India for giving of notices to him.(4)A notice or document may be served by the Development Bank on the joint-holder of a share by serving it on the joint-holder named first in the register in respect of the share.(5)A notice or a document may be served by the Development Bank on the persons entitled to a share upon death or in consequence of the insolvency of a shareholder by sending it through post in a prepaid letter addressed to them by name, or by the title of representatives of the deceased, or assignees of the insolvent, or by any like description, at the address, if any, in India supplied for the purpose by the persons claiming to be so entitled, or until such an address has been so supplied, by serving the document in any manner in which it might have been served if the death or insolvency had not occurred.
