Section 12A of The Banking Regulation Act

Here we will see Section 12A of The Banking Regulation Act.

12A. Election of new directors.

(1) The Reserve Bank may, by order, require any banking company to call a general meeting of the share holders of the company within such time, not less than two months from the date of the order, as may be specified in the order or within such further time as the Reserve Bank may allow in this behalf, to elect in accordance with the voting rights permissible under this Act fresh directors, and the banking company shall be bound to comply with the order.

Image Product Feature Price
TOP Pick
WallMantra Madhubani Painting
  • Set of 8 Ethnic Painting
  • Traditional Madhubani Art Painting
  • Madhubani Painting for Living Room
Buy Now
WallMantra Indian Folk Art Madhubani
  • Madhubani Art Frame Set of 6
  • Madhubani Painting for Living Room
  • Madhubani Painting for Office
Buy Now
TOP Pick
Tamatina Madhubani Art Canvas Painting
  • Madhubani Art Painting
  • Size-13X10 Inches
  • Face of Tradition
Buy Now

(2) Every director elected under subsection (1) shall hold office until the date up to which his predecessor would have held office, if the election had not been held.

(3) Any election duly held under this section shall not be called in question in any court.

About Author: I am Varun Kr. Jha, founder and author of this website. I am a passionate writer and researcher with a keen interest in law, technologies and gadgets. I strive to provide informative and engaging content that helps my readers learn and grow. I am always looking for new ways to share my knowledge and insights with others.

Leave a Reply

Your email address will not be published. Required fields are marked *

15 − fifteen =