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Section 10 - Disqualifications of Directors and members of Local Boards : RBI Act 1934

 

 

What is Disqualifications of Directors and members of Local Boards? Section 10 of Reserve Bank of India Act 1934

Section 10 of RBI Act 1934 : "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, 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

(e) is a director of a banking company within the meaning of clause (c) of section 5 of the 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.

 

RBI ACT 1934

Section 2 - Definitions

Section 3 - Establishment and incorporation of Reserve Bank

Section 4 - Capital of the Bank

Section 5 - Increase and reduction of Share Capital

Section 6 - Offices, branches and agencies

 

 

Section 7 - Management

Section 8 - Composition of the Central Board and term of office of Directors

Section 9 - Local Boards, their constitution and functions

Section 10 - Disqualifications of Directors and members of Local Boards

 

 

Section 11 - Removal from and vacation of office

Section 12 - Casual vacancies and absences

Section 13 - Meetings of the Central Board

Section 17 - Business which the Bank may transact

 

 

Section 18 - Power of direct discount

Section 18A - Validity of loan or advance not to be questioned

Section 19 - Business which the Bank may not transact

CHAPTER III
CENTRAL BANKING FUNCTION

Section 20 - Obligation of the Bank to transact Government business

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