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State Bank of India Act, 1955

42. Balance sheet, etc., of State Bank may be discussed at general meeting

(1) A general meeting 111[in this Act] referred to as an annual general meeting) shall be held 112[in each year] at such time and at such place where there is a local head office of the State Bank, as shall from time to time be specified by the Central Board 113[***], and a general meeting may be convened by the State Bank at any other time :

114 [Provided that such annual general meeting shall be held before the expiry of six weeks from the date on which the balance-sheet together with the profit and loss account and auditors' report, is, under sub-section (1) of section 40, forwarded to the Central Government or to the Reserve Bank, whichever date is earlier.]

(2) The shareholders present at an annual general meeting shall be entitle to discuss the balance sheet and profit and loss account of the State Bank made up to the previous 31st day of December 115[or the date specified under section 39, as the case may be], the report of the Central Board on the working 116[and activities] of the State Bank for the period covered by the accounts and the auditors' report on the balance sheet and accounts.

State Bank of India Act, 1955 Back

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