Vacation of office by directors.

    ¹[378Q. Vacation of office by directors.-- (1) The office of the director of a Producer Company shall become vacant if,--
         (a) he is convicted by a court of any offence involving moral turpitude and sentenced in respect thereof to imprisonment for not less than six months;
         (b) the Producer Company, in which he is a director, has made a default in repayment of any advances or loans taken from any company or institution or any other person and such default continues for ninety days;
         (c) he has made a default in repayment of any advances or loans taken from the Producer Company in which he is a director;
         (d) the Producer Company, in which he is a director--
             (i) has not filed the annual accounts and annual return for any continuous three financial years; or
             (ii) has failed to, repay its deposit or withheld price or patronage bonus or interest thereon on due date, or pay dividend and such failure continues for one year or more;
         (e) default is made in holding election for the office of director, in the Producer Company in which he is a director, in accordance with the provisions of this Act and articles;
         (f) the annual general meeting or extraordinary general meeting of the Producer Company, in which he is a director, is not called in accordance with the provisions of this Act except due to natural calamity or such other reason.
     (2) The provisions of sub-section (1) shall, as far as may be, apply to the director of a Producer Institution which is a member of a Producer Company.]