i) to elect the President and the Vice-President of the Board.
ii) Deleted.
iii) to sanction staff strength of State Bank with the prior approval of the Registrar.
iv) to give directions to the Managing Director for convening a meeting of the General Body of the State Bank and to submit to the General meeting the annual report and the balance sheet.
v) to open branch offices at suitable places and fix their jurisdiction. The Board may constitute a Sub-Committee for a particular purpose of not more than three Directors, one of whom shall be the Managing Director.
vi) to frame and subsequently amend rules regulating the business and working of the State Bank consistent with the provisions of these byelaws and with the prior approval of the Registrar.
vii) to delegate any of its powers and duties to any other officer of the State Bank but not below the rank of Joint Managing Director. Such delegation shall be subject to superintendence and control of Managing Director.
viii) to purchase share of Cooperative Financial Institutions or such other institutions as are related to Agricultural finance and to appoint a director to represent the State Bank in the affairs and meetings of such institutions, provided that any purchase of shares above the value of Rs. 5000/-shall be subject to approval of RCS.
ix) to issue necessary instructions to the Primary Cooperative Agricultural Development Banks. These instructions should not be inconsistent with their bye-laws concerning their business.
12 x) to raise funds by the issue of debentures and other measures permitted by these bye-laws.
xi) To make rules for the investigation of legal title and to lay down the standards and the main principles for the initial and periodical estimation of the market value and the yielding capacity of property offered in mortgage of the Primary Coop. Agricultural Development Bank and to make rules on the same lines regarding the properties to be offered to the State Bank by the Primary Cooperative Agricultural Development Bank subject to the approval of Registrar.
xii) to take steps for the recovery of loans under Chapter-IV and V of the Cooperative Agricultural Development Banks Act, 1957 and the rules made thereunder.
xiii) to accept or reject the resignation of a Director;
xiv) to fix the rates of travelling and daily allowances payable to a Director subject to the approval of the Registrar;
xv) Deleted xvi) to exercise all residuary powers and perform all duties not specifically meant for any authority.
xvii) to authorise Indian Ambassadors and Charge D' Affairs and other members of the Mission abroad to act and sign on its behalf agreements and other relevant documents with foreign countries and international bodies.
xviii) Where the power to appoint the Chairman of Bank has been exercised by the State Government in terms of Section 26(2)
(a) (a) of the Punjab Cooperative Societies Act, the Board of Directors shall appoint the Managing Director of the Bank provided that such a person is a member of the Indian Administrative Service or Punjab Civil Services (Executive 13 Branch) orDeputy Registrar or Joint Registrar or an Additional Registrar, Cooperative Societies and further provided that the services of such person have been spared by the respective Cadre Controlling Authorities for the purposes of such appointment.
39. Deleted a) Deleted.
b) Deleted.
40. Deleted.
41. Deleted.
a) Deleted.
42. Deleted.
MANAGING DIRECTOR
43. The Managing Director of the State Bank shall be its Principal Executive Officer and the employees of the State Bank shall exercise their powers and perform their duties under his superintendence and control. The Managing Director shall exercise his powers and perform his duties under the overall supervision and control of the Committee:
The Managing Director of the State Bank shall have the following powers and duties:
i) to generally administer the affairs of the State Bank;
ii) to supervise and control the work of the employees of the State Bank;
iii) to arrange for maintenance of proper record and accounts;
iv) to receive deposits and other money and issue receipts and also to pay amounts due from State Bank;
v) to sign on behalf of the State Bank and conduct its correspondence;
14 vi) to certify copies of entries in the books of the State Bank;
vii) to sue and be sued in the name and on behalf of the State Bank;
viii) to arrange for the inspection of the mortgaged property;
ix) to have custody of all the properties of the State Bank;
x) to perform all other duties and exercise all such powers as are assigned to him by the Board;
xi) to sign, endorse and negotiate cheques and other negotiable instruments;
xii) to delegate any of his powers and duties to any of the officials working in State Bank;
xiii) to pay money due from the Bank;
xiv) subject to bye-laws 36(a) and 46 to arrange to call and attend the meeting of the General Body, Board of Directors;
xv) to make, draw, accept endorse and execute cheque, payment orders, telegraph and mail remittances, fixed deposit receipts, drafts, railway receipts and other negotiable instruments for and on behalf of the Bank;
xvi) to open accounts in the name of the Bank with the Reserve Bank of India, State Cooperative Bank, State Bank of India;
Central Cooperative Bank and with such other banks as may deem expedient and to operate these accounts.
xvii) to invest surplus funds to discharge, buy sell and collect interest on Government Promissory Notes and Securities on behalf of the banks;
xviii) to appoint, suspend or punish employees in accordance with service rules approved by R.C.S.
xix) Deleted 15 xx) to transfer any employee in the common cadre as well as any employee of the State Agricultural Development Bank.
xxi) to grant admission to new members and allot shares.
xxii) to grant loan to the members of the State Bank.
xxiii) to institute, conduct, defend, compromise, refer to arbitration or abandon legal proceedings and claims by or against the State Bank.
xxiv) to ensure compliance of such suggestions and instruction contained in inspection of audit relating to the State Bank.
xxv) to buy sell, endorse, assign, pledge or otherwise negotiate securities issued by the Central or State Governments of the Indian Union and other Securities specified in Section 20 of the Indian Trusts Act, 1882 on behalf of all other Cooperative Institutions and to authorise in this behalf any officer or officers of the Bank and arrange for the safe custody of the securities owned by or pledged with the Bank.
xxvi) to approve the transfer of shares and debentures;
xxvii) to approve the loans sanctioned by Primary Cooperative Agricultural Development Bank;
xxviii) to raise loans from various institutions/ organisations.
xxix) to incur any expenditure on contingencies and all other items, within overall annual expenditure budget approved by the Board of Directors. However, in case of emergency the Managing Director incur expenditure upto three lacs at a time in anticipation of approval by the Board.
44. In the absence of Managing Director powers and duties specified in the bye-laws 9, 12 and 26 assigned to the Managing Director may be assigned to any other officer/ officers of the State Bank by the Board.
16 GENERAL BODY