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Section 19 – The State Financial Corporation Act,1951

<h2The State Financial Corporation Act,1951

Section 19. Meetings of the Board and Committee

(1) The Board and the Executive Committee shall meet at such times and places and shall observe such rules of procedure in regard to transaction of business at its meetings as may be provided by regulations made under this Act.

(2) All questions at a meeting shall be decided by a majority of votes of the members present, and, in the case of equality of votes, the Chairman or in his absence, any other person presiding, shall have a second or casting vote.

(3) No director shall vote on any matter in which he is interested.

(4) If for any reason the Chairman is unable to be present at a meeting—

(a) Of the Board, a director other than the managing director, authorised by the Chairman in writing in this behalf, shall preside at that meeting or

(b) Of the Executive Committee, a member authorised in writing by the managing director shall preside at that meeting.

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The State Financial Corporation Act,1951

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