(1) The Central Government may, after consulting the Reserve Bank, remove from office 1 [the chairman 2 *** or a managing director.] 3 * * * * * (3) The Central Government, 4 *** may remove from office any director 5 [appointed under clause (ca) or clause (cb) or nominated under clause(d) 6 [of section 19] 7 [or any member of a Local Board nominated under clause (c) of sub-section (1) of section 21] and 8 [appoint or nominate, as the case may be], in his stead another person to fill the vacancy. (4) The shareholders, other than the 9 [Central Government], may, by a resolution passed by majority, of the votes of such shareholders holding in the aggregate not less than one-half of the share capital held by all such shareholders, remove any director elected under clause (c) 10 ***of section 19 and elect in his stead another person to fill the vacancy. 11 * * * * * (6) No person shall be removed from his office under sub-section (1) 12 *** or sub-section (3) unless he has been given an opportunity of showing cause against his removal.Open in Lexace · Ask the AI about this section
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