Reserve Bank of India Act,1934
Act No : 2
Section : Disqualifications of Directors and members of Local Boards
10. Disqualifications of Directors and members of Local Boards.- (1) No person may be a Director or a member of a Local Board who-- (a) is a salaried government official 3*** 4***, or (b) is, or at any time has been, adjudicated an insolvent, or has suspended payment or has compounded with his creditors, or (c) is found lunatic or becomes of unsound mind, or (d) is an officer or employee of any bank, or 5*[(e) is a director of a banking company within the meaning of clause (c) of section 5 of the 6*[Banking Regulation Act, 1949 (10 of 1949)], or of a co-operative bank.] (2) No two persons who are partners of the same mercantile firm, or are directors of the same private company, or one of whom is the general agent of or holds a power of procuration from the other, or from a mercantile firm of which the other is a partner, may be Directors or members of the same Local Board at the same time. (3) Nothing in clause (a), clause (d) or clause (e) of sub- section (1) shall apply to the Governor, or to a Deputy Governor or to the Director nominated under clause (d) of sub-section (1) of section 8. ---------------------------------------------------------------------- 1. Subs. by Act 62 of 1948, s. 7 and Sch. (w.e.f. 1-1-1949). 2. Subs. by Act 51 of 1974, s. 5, for Sub-section (3). 3. The word "or a salaried official of a State in India" omitted by the A. O. 1950. 4. The words "or Burma" omitted by Act 11 of 1947, s. 8 (w.e.f. 1-4- 1947). 5. Subs. by Act 23 of 1965, s. 3, for cl. (e) (w.e.f. 1-3-1966). 6. Subs. by Act 51 of 1974, s. 39 for "Banking Companies Act, 1949". 16
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