Section 47 in The Orissa State Financial Corporation General Regulations, 2003
47. Quorum at General Meeting.
- (i) No business shall be transacted at any meeting of the shareholders, or a class of shareholders, whether it is the Annual General meeting, or any other General Meeting, unless a quorum of at least five shareholders entitled to vote at such meeting in person or by proxy or by duly authorised representative is present at the commencement of such business.(ii)If within fifteen minutes from the time appointed for the meeting a quorum is not present, in the case of meeting called by the requisition of shareholders other than the state Government or the small industries Bank, the Chairman may dissolve the meeting.(iii)In other case the meeting shall stand adjourn to the same day in the next week at the same time and place or such other day and such other time and place as the Chairman of the meeting may determine. If at the adjourned meeting, a quorum is not present, within thirty minutes from the time appointed for holding the meeting, the shareholders who are present in person or by proxy or by duly authorised representative at such adjourned meeting shall be quorum and may transact the business for which the meeting was called.Provided that no Annual General Meeting shall be adjourned to a date later than four months, after the 31st March and if adjournment of the meeting to the same day in the following week would have this effect, the Annual General Meeting shall not be adjourned but the business of the meeting shall be commenced either as soon within one hour from, the time appointed for the meeting as a quorum may be present, or immediately after expiry of one hour from that time and those shareholders who are present in person or by proxy or by duly authorised representative at such time shall form a quorum.
