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Section 13: Removal of director from office.

The State Financial Corporations Act, 1951Central Act · Act 63 of 1951

[(1)] The State Government may remove from office any director who--

(a) is, or has become, subject to any of the disqualifications mentioned in section 12; or

(b) without excuse sufficient in the opinion of the State Government to exonerate it, is absent without leave of the Board from more than three consecutive meetings of the Board.

[(2) The shareholders, other than those mentioned in clauses (a), (b) and (c) of sub-section (3) of section 4, whose names are entered on the register of shareholders, may, after giving to the director a reasonable opportunity of being heard in the manner as may be prescribed, by resolution passed by majority of the votes of such shareholders holding in the aggregate not less than one-half of the total issued equity share capital held by all such shareholders, remove any director elected under clause (d) of section 10 and elect in his place another person to fill the vacancy so caused.]

Where this provision sits

ActThe State Financial Corporations Act, 1951
Section13
Marginal noteRemoval of director from office.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it1

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.

  • renumbered. . Section 13 renumbered as sub-section (1) thereof by s. 10, ibid. (w.e.f. 5-9-2000).
  • inserted, Act 39 of 2000. . Ins. by Act 39 of 2000, s. 10 (w.e.f. 5-9-2000).

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