Section 4
Vacation of office by existing office bearers.
The Reserve Bank (Transfer to Public Ownership) Act, 1948
About this Act
An Act to bring the share capital of the Reserve Bank of India into public ownership and to make consequential amendments in the Reserve Bank of India Act, 1934.
On the appointed day any person who
immediately before that day was holding office as a Director of the Central Board otherwise than as
Governor or Deputy Governor or as a member of a Local Board of the Bank shall vacate his office, and
the Central Board and the Local Boards of the Bank shall thereafter be constituted in the manner
prescribed by sections 8 and 9 of the principal Act as amended by this Act.