|
|
Tenure of office of the Directors.
|
24.—(1) Of the first banking Directors—
|
|
| |
(a) one, to be selected by lot at the first meeting of the Board, shall, unless he sooner dies, resigns, or becomes disqualified, hold office for two years from the appointed day, and
|
|
| |
(b) one other, also to be selected by lot at the first meeting of the Board, shall, unless he sooner dies, resigns, or becomes disqualified, hold office for four years from the appointed day.
|
|
| |
(2) Of the first Directors who are neither banking Directors nor service Directors—
|
|
| |
(a) one, to be selected by lot at the first meeting of the Board, shall, unless he sooner dies, resigns, or becomes disqualified, hold office for one year from the appointed day, and
|
|
| |
(b) one other, also to be selected by lot at the first meeting of the Board, shall, unless he sooner dies, resigns, or becomes disqualified, hold office for three years from the appointed day.
|
|
| |
(3) Subject to the provisions of the two foregoing sub-sections of this section, every Director (other than a service Director and a Director appointed to fill a casual vacancy) shall, unless he sooner dies, resigns, or becomes disqualified, hold office for five years from (as the case may require) the appointed day or the expiration by effluxion of time of the term of office of his predecessor.
|
|
| |
(4) Every Director (other than a banking Director or a service Director) who, after the appointment of the first Directors, is appointed for a purpose other than filling a vacancy amongst the Directors (other than as aforesaid) shall hold office for five years from the day as on and from which he is appointed.
|
|
| |
(5) Every service Director, shall hold office at the pleasure of the Minister and may be removed by the Minister at any time.
|
|
| |
(6) A person appointed to fill a casual vacancy in the office of Director (other than the office of a service Director) shall hold office for the residue of the term for which the Director whose death, resignation, or disqualification created the vacancy would have held office if he had not died, resigned, or become disqualified.
|
