State Financial Corporations Act, 1951
43B. Reports to the Board
(1) The minutes of every meeting of the committee appointed under section 21 shall, after confirmation thereof at the next meeting of the committee, be laid before the Board at the next following meeting of the Board.
(2) Every action taken by the Managing Director and any other officer of the Financial Corporation shall, as soon as may be after it is taken by them, be reported to the Board.]