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FOURTH SCHEDULE.
rules for the elections of the elected commissioners and the first chairman.
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Rules Applicable to Every Case.
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1. In this Schedule the word “representative” means a representative of a Shareholding Bank present at a meeting for the election of the first elected Commissioners or any subsequent elected Commissioner, and the word “Commissioner” when used without qualification means an ordinary Commissioner attending the meeting of such Commissioners for the election of the first Chairman, and the word “meeting” means (as the context may require) a meeting of representatives to elect the first elected Commissioners or any subsequent elected Commissioner or the meeting of Commissioners to elect the first Chairman.
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2. The representatives or Commissioners (as the case may be) shall elect one of their number to be the chairman of the meeting and such chairman shall conduct the proceedings at the meeting but shall not have any second or casting vote.
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3. Save as is otherwise provided by these Rules, all questions arising at the meeting shall be decided by the vote of the majority of the representatives or Commissioners.
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4. The meeting may be adjourned from time to time but no adjournment shall be made to a time subsequent to the time within which the election is required by this Act to be completed.
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Rules Applicable to the Election of the First Elected Commissioners.
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5. Every representative may nominate three candidates and no more for election.
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6. The election shall be by rounds and on each round every representative shall have three votes but may not in any one round give more than one vote to any one candidate.
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7. On the first round all the candidates shall be voted on and any candidate who on such round receives a number of votes exceeding half the number of representatives present shall be elected and the three candidates who receive the least number of votes shall be eliminated.
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8. On the second round all the candidates except those elected or eliminated on the first round shall be voted on and any candidate who on such round receives a number of votes exceeding half the number of representatives present shall be elected and the three candidates who receive the least number of votes shall be eliminated.
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9. The third and every subsequent round shall be conducted in a similar manner.
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10. If on any round by reason of an equality of votes amongst the candidates who receive the least number of votes it is not possible to eliminate three candidates, the chairman shall determine how many and which candidates are to be eliminated on that round.
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11. The election shall be continued until three candidates have been elected.
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12. At the conclusion of the election the chairman shall prepare a statement in writing setting forth the names of the representatives and the Banks they respectively represented, and the names, addresses, and descriptions of the three elected candidates, and such statement shall then be signed by the chairman and at least one-third of the other representatives and shall be sent by the chairman to the Minister in accordance with this Act.
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Rules applicable to the Election of an elected Commissioner subsequent to the first elected Commissioners.
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13. Every representative may nominate one and only one candidate for election.
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14. The election shall be by rounds and on each round every representative shall have one vote.
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15. On the first round all the candidates shall be voted on and the candidate who receives the least number of votes shall be eliminated.
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16. On the second round all the candidates except the candidate eliminated on the first round shall be voted on and the candidate who receives the least number of votes shall be eliminated.
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17. The third and every subsequent round shall be conducted in a similar manner.
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18. If on any round two or more candidates receive the least number of votes, all such candidates shall be eliminated.
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19. If on any round a candidate receives a number of votes exceeding one half the number of representatives present such candidate shall be elected or if on any round all but one of the candidates voted on in that round are eliminated that one candidate shall be elected.
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20. At the conclusion of the election the chairman shall prepare a statement in writing setting forth the names of the representatives and the Banks which they respectively represented and the name, address, and description of the elected candidate and such statement shall then be signed by the chairman and at least one-third of the other representatives and sent by the chairman to the Commission in accordance with this Act.
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Rules Applicable to the Election of the First Chairman.
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21. The election of the first Chairman shall be conducted in the like manner in all respects as the election of an elected Commissioner subsequent to the first elected Commissioners is required by these Rules to be conducted and accordingly the Rules applicable to the election of an elected Commissioner subsequent to the first elected Commissioners shall apply to the election of the first Chairman with the substitution therein of the Commissioners for the representatives and the modification that the statement prepared at the conclusion of the election shall be sent to the Minister.
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