State Financial Corporations Act,1951

Act No : 63

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Section : Vacation of office by an elected director.

9*[10A. Vacation of office by an elected director. The office of a director elected under clause (d) of section 10 shall become vacant if he ceases to hold any office in the scheduled bank, insurance company, investment trust, co-operative bank, financial or other institution in which he held any office at the time of his election as such director.] ---------------------------------------------------------------------- 1. The words "the Central Board of" omitted by Act 6 of 1962, s. 6 (w.e.f. 16-4-1962). 2. Subs. by Act 77 of 1972, s. 7, for cl. (c). 3. Subs. by Act 52 of 1975, s. 31, for "one director" (w.e.f. 16-2- 1976). 4. The words "from among themselves" omitted by Act 56 of 1956, s. 7. 5. Subs. by Act 43 of 1985, s. 9. 6. Subs. by Act 6 of 1962, s. 6, for cl. (f) (w.e.f. 16-4-1962). 7. Ins. by Act 77 of 1972, s. 7. 8. Subs. by Act 52 of 1975, s. 31, for "Reserve Bank" (w.e.f. 16-2- 1976). 9 Ins. by Act 43 of1985 s. 10 78

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