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Section 16 – State Bank of India (Subsidiary Banks Laws) Amendment Act,2007

State Bank of India (Subsidiary Banks Laws) Amendment Act,2007

Section 16. Amendment of Section 34

In Section 34 of the State Bank of India (Subsidiary Banks) Act,-

(a) for sub-section (1), the following sub-section shall be substituted, namely:-

“(1) The Board of Directors of a subsidiary bank shall meet at such time and place and shall observe such rules of procedure in regard to the transaction of business at its meetings as may be prescribed; and the meeting of the Board of Directors may be held by participation of the directors of the Board through video-conferencing or such other electronic means, as may be prescribed, which are capable of recording and recognizing the participation of the directors and the proceedings of such meetings are capable of being recorded and stored :

Provided that the Central Government may in consultation with the Reserve Bank, by a notification in the Official Gazette, specify the powers which shall not be exercised in a meeting of the Board of Directors held through videoconferencing or such other electronic means.”;

(b) in sub-section (2), for the words “The Chairman of the State Bank”, the words “The Chairman of the Board of Directors of a subsidiary bank” shall be substituted’,

(c) for sub-section (3), the following sub-section shall be substituted, namely:-

“(3) All questions at the meeting of the Board of Directors of a subsidiary bank shall be decided by a majority of the votes of the directors present in the meeting or through video-conferencing or such other electronic means and in the case of equality of votes, the Chairman of Board of Directors of a subsidiary bank or, in his absence, the person presiding at the meeting shall have a second or casting vote.”;

(d) in sub-section (5), in the proviso, in clause (ii), for the words, brackets and letters “of the Reserve Bank or the State Bank nominated under clause (b) or clause (c)” the words, brackets and letter “of the State Bank nominated under clause (c)” shall be substituted;

(e) in sub-section (6), the words “and the Reserve Bank” shall be omitted.

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State Bank of India (Subsidiary Banks Laws) Amendment Act,2007

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