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Section 29 – The State Bank of Hyderabad Act,1956

The State Bank of Hyderabad Act,1956

Section 29. Closing of annual accounts

(1) The Hyderabad Bank shall cause its books to be closed and balanced on the thirty-first day of December in each year:

Provided that the Hyderabad Bank may, with the previous approval of the Reserve Bank and shall, when so directed by it,-

(a) Not close or balance its accounts on the thirty-first day of December in any year, or

(b) Close and balance its books on any other day of the year or for any period other than a calendar year.

(2) Where in pursuance of the proviso to sub-section (1), the Hyderabad Bank closes and balances its accounts on and day other than the thirty-first day of December or for any period more or less than a year, the provisions of this Act relating to the annual closing and audit of annual balance sheet and accounts shall apply to such closing and balancing of accounts mutatis mutandis.

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The State Bank of Hyderabad Act,1956

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