State Bank of India Act : Vacation of office of directors, etc. Indian Bare Acts :

State Bank of India Act,1955

Act No : 23

Section : Vacation of office of directors, etc.

23. Vacation of office of directors, etc.- If a director of the Central Board or a member of a Local Board or a Local Committee-- (a) becomes subject to any of the disqualifications mentioned in section 22; or (b) resigns his office by giving notice in writing under his hand, in the case of the 3*[chairman, vice-chairman and a managing director], to the Central Government and in the case of other directors or members of Local Boards or Committees, to the Central Board, and the resignation is accepted; or (c) is absent without leave of the Central Board, the Local Board or the Local Committee of which he is a director or member, as the case may be, for more than three consecutive meetings thereof; his seat shall thereupon become vacant. ---------------------------------------------------------------------- 1. Ins. by Act 26 of 1959, s. 2. 2. Subs. by Act 3 of 1994, s. 13, for certain words (w.e.f. 15-10-1993). 3. Subs. by Act 73 of 1976, s. 4, for "chairman and vice-chairman". 122 1* * * * *