(i) The Board shall ordinarily meet once a quarter in each year.
(ii) Meetings of the Board shall be convened by the Chairman, and, in his absence, by Managing Director and shall be ordinarily held at Bombay but if so directed by the Board, may be held at any other place in India.
(iii) Any five directors may, for the purpose of the consideration of the business to be specified in their requisition, require the Chairman to convene a meeting of the Board and the Chairman shall, on receipt of such requisition, convene a meeting of the Board giving sufficient notice;
Provided that the date of the meeting so convened shall not be later than 21 days from the date of the requisition.
Meetings of the Board
(iv) Except in respect of the first meeting of the Board, ordinarily not less than one clear fortnight's notice shall be given of each meeting of the Board and such notice shall be sent to every director to his registered address.
Should it be found necessary to convene an emergency meeting, a notice of not less than seven days shall be given to every director who is at that time in India, to enable him to attend.
(v) No business other than that for which the meeting was convened shall be discussed at the meeting of the Board, except with the consent of the Chairman of the meeting and a majority of the directors present, unless one clear week's notice has been given of the same in writing to the Chairman.
(vi) Six directors shall form a quorum for the transaction of the business at a meeting of the Board.
(vii) A copy of the proceedings of each meeting of the Board shall be circulated for the information of the directors as soon as possible after the minutes of that meeting are signed by the Chairman.
Fees for Directors 4. The director not being a Managing Director or a whole-time director, or an officer of Government or of the Reserve Bank of India shall be paid fees by the National Bank as follows :
(a) For attending meetings of the Board.
Rs. 500/- for each meeting.
(b) For attending to any other work for the national Bank.
Such sum as the Board may fix from time to time having regard to nature and amount involved.
Payment of travelling and Halting Allowance to Directors
5. In addition to the fees to which a Director may be entitled under Regulation 4, every such Director travelling in connection with the work of the National Bank shall be reimbursed his travelling and halting expenses if any, on such basis as may be fixed from time to time by the Central Government after consultation with the Reserve Bank.
Resolution without meeting valid
6. A resolution in writing circulated to all the directors in India and approved and signed by a majority of such directors who are then in India, one of whom shall be the Chairman, shall be valid and effectual and shall be deemed to be the resolution passed by the Board on the date on which it is approved and signed by the last signatory to the resolution :
Provided, however, that only for specific reasons to be recorded in writing a resolution shall be passed by circulation as mentioned above and every such resolution shall be placed before the next meeting of the Board.
CHAPTER III GENERAL PROVISIONS Manner and form in which 7 (1) Contracts on behalf of the National Bank may be made as follows :
(i) Any contract which, if made between private persons, would by law be required to be in writing and signed by the parties to be charged therewith, may be made on behalf of the National Bank in writing and signed by any person acting under its authority, express or implied, and may in the same manner be varied or discharged.
(ii) Any contract, if made between private persons, would by law be valid although made by parol only and not reduced in writing may be made by parol on behalf of the National Bank by any person acting under its authority, express or implied, and may in the same manner be varied or discharged.
contracts b on the National Bank may be executed.
inding
(2) All contracts made according to the provisions of this regulation shall be effectual in law and shall bind the National Bank and all other parties thereto and their legal representatives.
Accounts, Receipts and Documents of the National Bank by whom to be signed
8. The Chairman, the Managing Director, any wholetime director and such officers of the National Bank or such other persons as the Board may authorise in this behalf by notification in the Gazette of India are hereby severally empowered for and on behalf of the National Bank to executive lease deeds, transfers, conveyances, charges and other deeds relating to or affecting rights to or in immovable property, to endorse and transfer promissory notes, stockreceipts, stocks, debentures, shares, securities and documents of title to goods, standing in the name of or held by the National Bank, and to draw, accept and endorse bills of exchange and other instruments in the current and authorised business of the National Bank and to sign all other accounts, receipts and documents connected with such business.
Plaints etc. by whom to be signed.
9. Plaints, written statements, affidavits and other documents connected with legal proceedings may be signed and verified on behalf of the National Bank by any officer empowered by or under regulation 8 to sign documents for and on behalf of the National Bank and such officers may appear in or before any court, tribunal or other body as the recognised agent of the National Bank for the purpose of the proceedings in that court, tribunal or other body.
10. An advance may be made to the Chairman, Managing Director, whole-time Director, officer or other employee of the National Bank with the sanction of the authority specified in the relative regulations, rules, or schemes made or approved by the Board in terms of which the advance is to be made and where no authority is specified in the relative regulations, rules or schemes, as the case may be, the advance may be sanction ;
(a) to the Chairman, by the Board ;
(b) to the Managing Director or the whole-time director, by the Chairman;
No advance to be made to the officers of the National Bank without sanction of the Board.
(c) to officers and other employees, by the Managing Director or a whole-time director, and subject to such general or special directions as may be issued by the Chairman or the Managing Director, by any other officer specified by the Chairman in this behalf.