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Section 12A: Election of new directors.

The Banking Regulation Act, 1949Central Act · Act 10 of 1949

[12A. Election of new directors--(1) The Reserve Bank may, by order, require any banking company to call a general meeting of the share holders of the company within such time, not less than two months from the date of the order, as may be specified in the order or within such further time as the Reserve Bank may allow in this behalf, to elect in accordance with the voting rights permissible under this Act fresh directors, and the banking company shall be bound to comply with the order.

(2) Every director elected under sub-section (1) shall hold office until the date up to which his predecessor would have held office, if the election had not been held.

(3) Any election duly held under this section shall not be called in question in any court.]

Where this provision sits

ActThe Banking Regulation Act, 1949
Section12A
Marginal noteElection of new directors.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 95 of 1956. . Ins. by Act 95 of 1956, s. 4 (w.e.f. 14-1-1957).

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