Section 44:
General meetings.
(1) A general meeting (hereinafter referred to as an annual general
meeting) of a subsidiary bank shall be held 1[in each year] at the place where the head office of the
subsidiary bank is situate, and any other general meeting may be convened by the Board of Directors
at any time:
2[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 auditor's report, is,
under sub-section (1) of section 43, forwarded to 3[the State Bank, the Reserve Bank or the Central
Government] whichever date is earlier.]
(2) The shareholders present at an annual general meeting shall be entitled to 4[discuss and adopt
the balance-sheet] and profit and loss account of the bank concerned, made up to the previous
31st day of 5[March],
6[or the date notified under section 39, as the case may be], the report of the
Board of Directors on the working 7[and activities] of that bank for the period covered by the
accounts and the auditors' report on the balance-sheet and accounts.
(3) Nothing contained in this section relating to an annual general meeting shall apply in relation
to a subsidiary bank if, as on the previous 31st day of 8[ March] 9[or the date notified under section
39, as the case may be] all the shares in the issued capital of that bank are held by the State Bank.
Notes:
1. Subs. by Act 48 of 1973 s. 33, for "annually before the end of March" (w.e.f. 31-12-1973).
2. Added by s. 33, ibid. (w.e.f. 31-12-1973).
3. Subs. by Act 1 of 1984, s. 52, for "the State Bank, or to the Reserve Bank" (w.e.f. 15-2-1984).
4. Subs. by Act 30 of 2007, s. 22, for "discuss the balance-sheet" (w.e.f. 9-7-2007).
5. Subs. by s. 22, ibid., for "December" (w.e.f. 9-7-2007).
6. Ins. by Act 66 of 1988, s. 22 (w.e.f. 30-12-1988).
7. Ins. by Act 1 of 1984, s. 52 (w.e.f. 15-2-1984).
8. Subs. by Act 30 of 2007, s. 22, for "December" (w.e.f. 9-7-2007).
9. Ins. by Act 66 of 1988, s. 22 (w.e.f. 30-12-1988).