Section-25 Casual vacancies
Section-25 Casual vacancies
68[(1) If the chairman vice-chairman or a managing director is rendered incapable of discharging his duties by reason of infirmity or otherwise or is absent on leave or otherwise circumstances not involving the vacation of his office, the Central Government may, in consultation with the Reserve Bank, appoint another person to officiate in the vacancy.]
69[(2) Where any vacancy occurs before the expiry of the term of office of a director, other than the chairman, vice-chairman or a managing director or 70[[a director appointed under clause (ca) or 71[clause (cb) of section 19 or of a member of a Local Board other than the chief general manager, the vacancy shall be filled-
(a) in the case of an elected director, by election; and
(b) in the case of director nominated under clause (d) of section 19 or a member of a Local Board, nominated under clause
(c) of sub-section (1) of section 21, by nomination in consultation with the Reserve Bank:
Provided that where the duration of the vacancy in the office of an elected director is likely to be less than six months, the vacancy may be filled by the remaining directors] by co-opting a person not disqualified under section 22.]]
(3) A person elected or nominated or co-opted, as the case may be, 72[under sub-section (2)] shall hold office for the unexpired portion of the term of his predecessor.
73[(4) Where any vacancy occurs before the expiry of the term of office of a director appointed under clause (ca) or clause(cb) 58[***] of section19, such vacancy shall be filled in accordance with the said clause (ca) or, as the case may be, clause (cb), and the director so appointed shall hold office for the period specified under sub-section (3A) of section 20.]
View Previous | View Next
