State Bank of India (Subsidiary Banks) Act,1959
Act No : 38
Section :
Casual vacancies among directors.
33. Casual vacancies among directors.- (1) Where any vacancy occurs before the expiry of the term of office of a director of a subsidiary bank, 2*[other than the managing director or a director appointed under clause (ca) or clause (cb) of sub-section (1) of section 25] the vacancy shall be filled-- (a) in the case of a director nominated under clause (c) of sub-section (1) of section 25, not being an officer of the State Bank, by nomination by the State Bank; (b) in the case of a director elected under clause (d) of sub-section (1) of section 25, by election or where the proviso to that clause is applicable, by nomination by the State Bank: Provided that where the duration of the vacancy in the office of an elected director is likely to be less than six months, the vacancy may be filled by the remaining directors by co-opting a person from amongst the shareholders entitled to elect a director under clause (d) of sub-section (1) of section 25 who is not disqualified under section 27; ---------------------------------------------------------------------- 1. Subs. by Act 43 of 1973, s. 21 for "general manager" (w.e.f. 1-7- 1974). 2. Ins. by s. 27, ibid. (w.e.f. 1-7-1974). 194 (c) in the case of a director nominated under clause (e) of sub-section (1) of section 25, not being an officer of the Central Government, by nomination by that Government in consultation with the State Bank. (2) A person nominated or elected or co-opted, as the case may be 1*[under sub section (1)] shall hold office for the unexpired portion of the term of his predecessor. 2*[(3) Where any vacancy occurs before the expiry of the term of office of a director appointed under clause (ca) or clause (cb) of sub-section (1) of section 25, such vacancy shall be filled in accordance with the said clause (ca) or, as the case may be, clause (cb), and the director so appointed shall hold office for the period specified under sub-section (2A) of section 26.]
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