(1) The Board of directors shall consist of the Chairman appointed under sub-section (1) of section 11, and the following other members, namely:—
(a) not more than three directors, to be nominated by the Central Government;
(b) not more than two directors, to be nominated by the concerned State Government; and
(c) not more than three directors, to be nominated by the Sponsor Bank.
(2) The Central Government may increase the number of members of the Board; so, however, that the number of directors does not exceed fifteen in the aggregate and aluo prescribe the manner in which the additional number may be filled in.
Board of directors
10. A director shall hold office for a period of two years from the date when he assumes office and may, on the expiry of the said period, continue to hold office until his successor has been nominated and shall also be eligible for re-nomination.
Term of office of director.
11. (J) The Central Government shall appoint an individual to be the Chairman of a Regional Rural Bank and specify the period, not exceeding five years, for which such individual shall, subject to the provisions of sub-section (4), hold office as the Chairman.
(2) The individual, appointed as a Chairman under sub-section (1), •hall, on the expiry of the period specified under that sub-section, be eligible for re-appointment.
(3) The Chairman shall devote his whole time to the affairs of the Regional Rural Bank and shall have, subject to the superintendence, control and direction of the Board, the management of the whole of the affairs of the Regional Rural Bank.
Chairman.
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(4) The Chairman shall hold office during the pleasure ol the Central Government.
(5) The Chairman shall receive such saiary and allowances and be governed by such terms and conamoms of seivice as may be prescribed by the Central Government.
(6) If the Chairman is, by infirmity or otherwise, rendered incapable of carrying out his duties or is absent, on leave or otherwise, in circumstances not involving the vacation of office, the Central Government may appoint another individual to act as the Chairman during the absence of the first-mentioned Chairman.
12. A person shall be disqualified for being nominated as, and for being, a director, if he—
(a) is, or, at any time has been, adjudged insolvent or has suspended payment of his debt or has compounded with his creditors, or
(b) is of unsound mind and stands so declared by a competent court, or
(c) is, or has been, convicted of an offence which, in the opinion of the Central Government, involves moral turpitude.
Disqualifications.