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Section 12 - Casual vacancies and absences : RBI Act 1934

 

 

How to fill Casual vacancies and absences? Section 12 of Reserve Bank of India Act 1934

Section 12 of RBI Act 1934 : "Casual vacancies and absences"

(1) If the Governor or a Deputy Governor by infirmity or otherwise is rendered incapable of executing his duties or is absent on leave or otherwise in circumstances not involving the vacation of his appointment, the Central Government may, after consideration of the recommendations made by the Central Board in this behalf, appoint another person to officiate for him, and such person may, notwithstanding anything contained in clause (d) of sub-section (1) of section 10, be an officer of the Bank.

(2) [Repealed]

(3) Where any causal vacancy in the office of any member of a Local Board occurs, the Central Board may nominate thereto any person recommended by the other members of the Local Board.

 

(4) Where any casual vacancy occurs in the office of a Director other than the vacancies provided for in sub-section (1) the vacancy shall be filled, by the Central Government.

(5) A person nominated under this section to fill a casual vacancy shall hold office for the unexpired portion of the term of his predecessor.

 

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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