Unit Trust of India Act,1963
Act No : 52
Section :
Term of office of trustees.
11. Term of office of trustees. (1) A trustee nominated 3*[under clause (aa) or] under clause (b) of section 10, if he is an officer of the Reserve Bank 3*[or the Development Bank], or a trustee nominated under clause (c) or clause (d) of that section shall hold office during the pleasure of the authority nominating him. (2) A trustee nominated under clause (b) of section 10, if he is not an officer of the Reserve Bank 3*[or the Development Bank], or a trustee elected under clause (e) of that section shall hold office for four years and thereafter until his successor is duly nominated or elected. (3) A casual vacancy in the office of a trustee referred to in sub-section (2) or in the office of a trustee nominated under the second proviso to section 10 shall be filled by election or nomination, as the case may be, and the trustee so elected or nominated shall hold office for the unexpired portion of the term of his predecessor: ---------------------------------------------------------------------- 1. Subs. by Act 52 of 1975, s. 47, for "Reserve Bank" (w.e.f. 16-2- 1976). 2. Ins. by s. 48, ibid. (w.e.f. 16-2-1976). 3. Ins. by s. 49, ibid. (w.e.f. 16-2-1976). 151 Provided that no such vacancy occurring within three months of the date of the expiry of the normal term of office of such trustee need be filled under this sub-section. (4) A trustee nominated under the second proviso to section 10 or a trustee nominated in his place under sub-section (3) of this section shall be deemed to be a trustee elected under clause (e) of section 10. (5) A person who holds, or who has held, office as a trustee shall, subject to the other provisions of this Act, be eligible for re-nomination or re-election, as the case may be.
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