State Bank of India Act,1955

Act No : 23

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Section : Removal from office of directors, etc.

24. Removal from office of directors, etc.- (1) The Central Government may, after consulting the Reserve Bank, remove from office 2*[the chairman, vice-chairman or a managing director]. 3* * * * * (3) The Central Government, after consulting the Reserve Bank, may remove from office any director 4*[appointed under clause (ca) or clause (cb) or nominated under clause (d)] 5*[of section 19] 6*[or any member of a Local Board nominated under clause (c) of sub-section (1) of section 21] and 7*[appoint or nominate, as the case may be,] in his stead another person to fill the vacancy. (4) The shareholders, other than the Reserve Bank, may, by a resolution passed by majority of the votes of such shareholders holding in the aggregate not less than one-half of the share capital held by all such shareholders, remove any director elected under clause 8*** of section 19 and elect in his stead another person to fill the vacancy. 9* * * * * (6) No person shall be removed from his office under sub-section (1) 1*** or sub-section (3) unless he has been given an opportunity of showing cause against his removal.

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