(1) A general meeting shall be held annually (hereinafter referred to as annual general meeting) at a place in India where there is an office of the Corporation are closed, within three months from the date on which the annual accounts of the Corporation and any other general meeting may be convened by the Board at any other time:
PROVIDED that the Central Government may extend the time within which any annual general meeting shall be held, by a period not exceeding one month.
(2) The shareholders present at the annual general meeting shall be entitled to discuss the annual accounts, the report of the Board on the working of the Corporation throughout the year and the auditor's report on the annual balance sheet and accounts.