(1) A shareholder being the Development Bank, the public sector banks, the General Insurance Corporation, the Life Insurance Corporation and other institutions owned or controlled by the Central Government or any other body corporate may authorise any of its officials or any other person to act as its representative at any general meeting of the shareholders and the person so 85 authorised (referred to as a "duly authorised representative" in these regulations) shall be entitled to exercise the same rights including the right to vote by proxy and powers on behalf of the Development Bank, the public sector banks, the General Insurance Corporation, the Life Insurance Corporation and other institutions owned or controlled by the Central Government or any other body corporate as if he were an individual shareholder of the Small Industries Bank.
(2) No person shall attend or vote at any meeting of shareholders of the Small Industries Bank as the duly authorised representative of a body corporate other than the Development Bank, the public sector banks, the General Insurance Corporation, the Life Insurance Corporation and other institutions owned or controlled by the Central Government unless a copy of the resolution appointing him as a duly authorised representative certified to be a true copy by the chairman of the meeting at which it was passed shall have been deposited at the head office of the Small Industries Bank not less than four clear days before the date fixed for the meeting.
EXPLANATION :
For the purpose of this regulation, a body corporate shall also include a society registered under the Societies Registration Act, 1860 (21 of 1860) or any other law for the time being in force providing for registration of societies.