Section 12 in The Nationalised Banks (Management And Miscellaneous Provisions) Scheme, 1970
12. Meetings of the Board. - (1) Meetings of the Board shall ordinarily be held at least six times in a year and at least once in each quarter.
(2)A meeting of the Board shall be held at the head office of the Nationalised Bank or such other place as the Board may decide.(3)Ordinarily, not less than fifteen days' notice shall be given of any meeting of the Board and such notice shall be sent to every Director at the address specified by him in this behalf.(4)No business, other than that for which the meeting was convened shall be transacted at meeting of the Board except with the consent of the Chairman of the meeting and a majority of the Directors present, unless one week's notice of such business has been given in writing to the Chairman.(5)[ The quorum of a meeting of the Board shall be one-third of the number of Directors holding office as such Directors of the Board on the day of the meeting, subject to a minimum of three Directors, two of whom shall be Directors referred to in clause (b) or clause (c) [* * *] or clause (h) of sub-section (3) of section 9 of the Act.](6)If, for any reason, the Chairman is unable to attend a meeting of the Board, the Managing Director shall preside over that meeting and in the absence of the Managing Director or in the event of the Chairman and the Managing Director being the same person, any other Director elected by the Directors present at the meeting from among themselves shall preside at the meeting.(7)All questions at the meeting shall be decided by a majority of the votes of the Directors present and voting and in the case of equality of votes, the person presiding shall have a second or a casting vote.(8)A Director who is directly or indirectly concerned or interested in any contract, loan, arrangement or proposal entered into or proposed to be entered into by or on behalf of the Nationalised Bank shall, as soon as possible after the relevant circumstances have come to his knowledge, disclose the nature of his interest to the Board and shall not be present at the meeting of the Board when any such contract, loan, arrangement or proposal is discussed unless his presence is required by the other Directors for the purpose of eliciting information and no Director so required to be present shall vote on any such contract, loan, arrangement or proposal:[Provided that nothing contained in this sub-clause shall apply to such Director by reason only of his being -(i)a share-holder (other than a Director) holding not more than two per cent. of the paid-up capital in any public company as defined in the Companies Act, 1956 (1 of 1956), or any corporation established by or under any law for the time being in force in India or any co-operative society with which or to which the Nationalised Bank has entered into or made or proposed to enter into or make, a contract, loan, arrangement or proposal, or(ii)an officer or other employee of the Nationalised Bank, if he is a Director [referred to in clause (e) or clause (f) of sub-section (3) of section 9 of the Act.](9)A copy of the proceedings of each meeting of the Board shall be circulated as soon as possible after the meeting for other information of the Directors and shall be signed by the Chairman of that or the next succeeding meeting.(10)No act or proceeding of the Board shall be invalid on the ground merely of the existence of any vacancy in or any defect in the constitution of the Board.] [Inserted by S.O. 1992, dated 16.6.1975. ]
