(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.
(2) Every director elected under sub-section (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.]
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* Ins. by Act 95 of 1956, s. 4 (w.e.f. 14-1-1957).
Section 3 Act not to apply to certain co-operative societies
Section 4 Power to suspend operation of Act
Section 5A Act to override memorandum, articles, etc
Section 6 Forms of business in which banking companies may engage
Section 7 Use of words bank, banker, banking or banking company
Section 8 Prohibition of trading
Section 9 Disposal of non-banking assets
Section 10A Board of directors to include persons with professional or other experience
Section 10B Banking company to be managed by whole time chairman
Section 11 Requirement as to minimum paid-up capital and reserves
Section 12A Election of new directors
Section 12B Regulation of acquisition of shares or voting rights
Section 13 Restriction on commission, brokerage, discount, etc., on sale of shares