Section 39
Closing of annual accounts. Repealed
The State Bank of India (Subsidiary Banks) Act, 1959
About this Act
An Act to provide for the formation of certain Government or Government associated banks as subsidiaries of the State Bank of India and for the constitution, management and control of the subsidiary banks so formed, and for matters connected therewith, or incidental thereto.
A subsidiary bank shall cause its books to be closed and
balanced 1[as] on the thirty-first day of 2[March] 3[or such other date in each year as the Central
Government may, by notification in the Official Gazette, specify].
4[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.]
4[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.]
Notes
1.Ins. by Act 48 of 1973, s. 30 (w.e.f. 31-12-1973).
2. Subs. by Act 30 of 2007, s. 19, for "December" (w.e.f. 9-7-2007)
3. Subs. by Act 66 of 1988, s. 20, for "in each year" (w.e.f. 30-12-1988).
4. Ins. by s. 20, ibid. (w.e.f. 30-12-1988).
2. Subs. by Act 30 of 2007, s. 19, for "December" (w.e.f. 9-7-2007)
3. Subs. by Act 66 of 1988, s. 20, for "in each year" (w.e.f. 30-12-1988).
4. Ins. by s. 20, ibid. (w.e.f. 30-12-1988).