20F. Annual general meeting.—(1) The Small Industries Bank shall in each year hold, in addition
to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as
such in the notices calling it; and not more than fifteen months shall elapse between the date of one
annual general meeting and that of the next:
Provided that the Small Industries Bank may hold the first annual general meeting within a period of
six months from the date on which it allots shares for the first time to public for subscription:
Provided further that the Central Government may extend the time within which any annual general
meeting shall be held by a period not exceeding three months.
(2) Every annual general meeting shall be called for a time during business hours, on a day that is not
public holiday, and shall be held either at head office or at some other place within the city or town in
which the head office is situated.
Explanation.—For the purposes of this section, “public holiday” means a public holiday within the
meaning of the Negotiable Instruments Act, 1881 (26 of 1881):
Provided that no Sunday shall be deemed to be such a holiday in relation to any meeting:
Provided further that no day declared by the Central Government to be a public holiday shall be
deemed to be such a holiday, in relation to any meeting, unless the declaration was notified before the
issue of the notice convening such meeting.
20G. Matters to be discussed and procedure in annual general meeting.—(1) The shareholders
present at an annual general meeting shall be entitled to discuss and adopt—
(a) the balance-sheet and profit and loss account of the Small Industries Bank made up to the date
on which its accounts are closed and balanced;
(b) the report of working of the Small Industries Bank for the period covered by the accounts;
(c) the auditor’s report on the balance-sheet and accounts;
(d) proposals for declaration of dividend and capitalisation of reserves;
(e) appointment of auditors referred to in sub-section (1) of section 30.
(2) The shareholders present at an annual general meeting may also discuss any other matter to be
transacted at such meetings in accordance with the provisions of this Act.
(3) The matters relating to—
(a) the manner in which annual general meeting or other meetings are held under this Act and the
procedure to be followed thereat;
(b) the manner in which voting rights may be exercised and resolutions may be passed; and
(c) the procedure for transaction of business at such meetings and related matters.
shall be such as may be prescribed.]