Ins. by Act 61 of 1981, s. 61 and the Second Schedule (w.e.f: 12-7-1982). — THE RESERVE BANK OF INDIA ACT, 1934

12. Ins. by Act 61 of 1981, s. 61 and the Second Schedule (w.e.f: 12-7-1982). [Provided that when the Governor is, for any reason, unable to attend any such meeting; Deputy Governor authorised by him in this behalf in writing may vote for him at that meeting:] The Governor and Deputy Governor shall hold office for such term not exceeding five years as the ?Central Government] may fix when appointing them, and shall be eligible for re-appointment 3[A Director nominated under clause (c) of sub-section (1) shall 4*** hold office for a period of four years S[and '[shall be eligible for reappointment: Provided that any such Director shall not be appointed for more than two terms, that is, for maximum period of eight years either continuously o intermittently.]]] A_ Director nominated under clause of sub-section (2) shall hold office during the pleasure of the HCentral Government: ] (5) No act or proceeding of the Board shall be questioned on the ground merely of the existence of any vacancy in, O any defect in the constitution of, the Board. 7[8* A retiring Director shall be eligible for re-nomination:] 9[

Section Section 12