Section 11
Casual vacancy in the office of Managing Director.
The National Bank for Agriculture and Rural Development Act, 1981
About this Act
An Act to establish a development bank to be known as the National Bank for Agriculture and Rural Development for providing and regulating credit and other facilities for the promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts and other allied economic activities in rural areas with a view to promoting integrated rural development and securing prosperity of rural areas and for matters connected therewith or incidental thereto.
If the Managing Director is by infirmity
or otherwise rendered incapable of carrying out his duties or is absent on leave or otherwise, in
circumstances not involving the vacation of his appointment, the Central Government may, after
consultation with the Reserve Bank and the Board, appoint another person to act in his place as Managing
Director during his absence.