(i) Every director who is directly or indirectly concerned or interested in any contract or arrangement entered into by or on behalf of the Corporation shall disclose the nature of his interest at the meeting of the Board at which the contract or arrangement is determined on, if his interest then exists, or in any other case at the next meeting of the Board after the acquisition of his interest or the making of the contract or arrangement.
(ii) No director shall vote on any contract or arrangement in which he is directly or indirectly concerned or interested and if he does his vote shall not be counted.
4. A director nominated under clause (d) or under clause (e) of sub-section (1) of section 6 of the Act shall, as soon as may be, inform the Board when he becomes subject to any of the disqualifications set out in the Act.
5. The Board shall forthwith inform the Central Government, if it comes to the notice of the Board, that any director has become subject to any of the disqualifications specified in section 6 of the Act.
Short title Definitions No Director to deal with matters with which he is personally concerned Obligation of Director to give information of disqualifications Board to inform Central Governement regarding disqualifications 1 The Deposit Insurance and Credit Guarantee Corporation Act, 1961
CHAPTER III MEETINGS OF THE BOARD AND COMMITTEES