(1) Subject to the provisions of the Act, any regulations made by the Board in regard to expenditure to be incurred by or on behalf of the National Bank and any directions, which may be given by the Chairman either generally or in any particular case in regard to the conduct of the business of the National Bank, the Managing Director and whole-time directors are hereby severally empowered to exercise any or all the powers and do any or all acts and things which may be exercised or done by the National Bank.
(2) Any other officer may, if authorised and to the extent that he is so authorised by the Chairman in this behalf, exercise all the powers in relation to matters pertaining to the department or office in which he is employed, and in relation to such matters do all acts and things which may be exercised or done by the National Bank, subject however, to the conditions hereinafter specified, namely :
(a) the power to sanction or incur any expenditure on behalf of the National Bank shall be subject to regulations made by the Board;
(b) any other power exercised or action taken shall be exercised or taken subject to such directions, if any, as may be given by any higher officer or authority in this behalf.
Powers on behalf of the National Bank by whom to be exercised.
(3) No power exercised, functions performed or act or thing done shall be deemed to be invalid or ineffective only on the ground that it is not a power exercised, functions performed, or act or thing done, by or on behalf of the National Bank, or that in the exercise of such power, performance of such function or the doing of any such act or thing, effect has not been given to any rule or direction referred to in sub-regulation (1) or in sub-regulation (2), or that in such rule or direction has been wrongly acted upon.
12 (i) The bonds or debentures of the National Bank shall be issued over the signature of the Chairman, or the Managing Director, or any whole-time director which may be printed, engraved, lithographed or impressed by such other mechanical process as the National Bank may direct.
Issue of Bonds
(ii) A signature so printed, engraved, lithographed or otherwise impressed shall be valid as if it had been inscribed in the proper hand-writing of the signatory himself.
Common seal of the National Bank
13. The common seal of the National Bank shall be affixed to any instrument only in the presence of at least two directors who shall sign their names in the instrument in token of their presence, and such signing shall be independent of the signing of any person who may sign the instrument as a witness. Unless so signed as aforesaid, such instrument shall be of no validity.
Service of Notice to National Bank
14. A notice may be served on the National Bank by delivering it to the Managing Director, any whole-time director, or an officer authorised by the Managing Director in this behalf at, or by sending it by registered post to, the Head Office of the National Bank.