Section Section 7
(W.e.f. 1-1-1949). 7. Subs. by Act 32 of 1951 5,for sub-section (3) (wre.f: 1-1-
section 7 (W.e.f. 1-1-1949). 7. Subs. by Act 32 of 1951 5,for sub-section (3) (wre.f: 1-1-1949). 8. Subs. by Act 62 of 1948, s_ 7 and the Schedule, for sub-section (1) We.f. 1-1-1949). 9. Subs. by Act 18 of 1964, s. 38 and the Second Schedule, for "three (w.e.f: 1-7-1964)_ 10. Subs. by s_ 38 and the Second Schedule, ibid_, for "six" (w.e.f: 1-7-1964). 11. Added by Act 35 of 1962, $. 2 (w.ef: 15-9-1962). 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[9. Local Boards, their constitution and functions: (1) A Local Board shall be constituted for each of the four areas specified in the First Schedule and shall consist of five members to be appointed by the Central Government to represent; as far as possible, territorial and economic interests and the interests of co-operative and indigenous banks. (2) The members of the Local Board shall elect from amongst themselves one person to be the chairman of the Board. IO[(3) Every member of a Local Board shall hold office for a term of four years and [shall be eligible for reappointment: Provided that any such member shall not be appointed for more than two terms, that is, for maximum period of eight years either continuously O intermittently]:] A Local Board shall advise the Central Board on such matters as may be generally o specifically referred to it and shall perform such duties as the Central Board may delegate to it:] 10. Disqualifications of Directors and members of Local Boards No person may be Director or member of a Local Board who isa salaried Government official I2*** 13*** or (b) is, or at any time has been, adjudicated an insolvent; or has suspended payment or has compounded with his creditors, O (c) is fund lunatic or becomes of unsound mind, Or is an officer Or employee of any bank, or
1. Subs. by Act 54 of 1953, $. 2,for the proviso (w.e.f. 30-12-1953). 2. Subs. by the M.O. 1937, for "G.G. in C?_ 3. Subs. by Act 62 of 1948, s_ 7 and the Schedule, for second paragraph (w.e.f. 1-1-1949). The words, brackets and figure "subject to the provisions of sub-section (6)" omitted by Act 18 of 1964, s. 38 and the Second Schedule (w.e.f: 1-7-1964)_ 5 Ins: by Act 51 of 1974, (w.e.f: 13-12-1974). Subs by Act of 2013, 17 and the Schedule; for " thereafter until his successor shall have been nominated" (w.e.f: 18-1-2013). 7. Added by Act 62 of 1948, 7 and the Schedule (W.ef:. 1-1-1949)- 8. Sub-section (6) omitted by Act 18 of 1964, s. 38 and the Second Schedule (~ (w.e.f. 1-7-1964) 9. Subs. by Act 62 of 1948, s 7 and the Schedule, for
Roop's Law Assist