Section 12
Vacation and resignation of office by directors.
The National Bank for Financing Infrastructure and Development Act, 2021
About this Act
An Act to establish the National Bank for Financing Infrastructure and Development to support the development of longterm non-recourse infrastructure financing in India including development of the bonds and derivatives markets necessary for infrastructure financing and to carry on the business of financing infrastructure and for matters connected therewith or incidental thereto.
(1) If a director--
(a) becomes subject to any of the disqualifications mentioned in section 10 or is removed under section 11; or
(b) is absent without leave of the Board for three or more consecutive meetings thereof, his seat shall thereupon become vacant.
(2) Any director may resign his office by giving notice thereof in writing to the Board and on such resignation being accepted by the Board, or, if such resignation is not accepted sooner, on the expiry of three months from the receipt thereof by the Board, such director shall be deemed to have vacated his office.
(a) becomes subject to any of the disqualifications mentioned in section 10 or is removed under section 11; or
(b) is absent without leave of the Board for three or more consecutive meetings thereof, his seat shall thereupon become vacant.
(2) Any director may resign his office by giving notice thereof in writing to the Board and on such resignation being accepted by the Board, or, if such resignation is not accepted sooner, on the expiry of three months from the receipt thereof by the Board, such director shall be deemed to have vacated his office.