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State Bank of India Act, 1955

39. Book to be balanced each year

The Central Board shall cause the books of the State Bank to be closed, and balanced 96[as] on the 31st day of December 97[or such other date in each year as the Central Government may, by notification in the Official Gazette, specify] :

98[Provided that with a view to facilitating the transition from one period of accounting to another period of accounting under this section, the Central Government may, by order published in the Official Gazette, make such provisions as it considers necessary or expedient for the closing and balancing of, or for other matters relating to, the books in respect of the concerned years.]

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