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Section 12: Vacation and resignation of office by directors.

The National Bank for Financing Infrastructure and Development Act, 2021Central Act · Act 17 of 2021

(1) If a director--

(a) becomes subject to any of the disqualifications mentioned in section 10 or is removed under section 11; or

(b) is absent without leave of the Board for three or more consecutive meetings thereof, his seat shall thereupon become vacant.

(2) Any director may resign his office by giving notice thereof in writing to the Board and on such resignation being accepted by the Board, or, if such resignation is not accepted sooner, on the expiry of three months from the receipt thereof by the Board, such director shall be deemed to have vacated his office.

Where this provision sits

ActThe National Bank for Financing Infrastructure and Development Act, 2021
Section12
Marginal noteVacation and resignation of office by directors.
JurisdictionCentral
StatusIn force as published by the source

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