Section 26:
Term of office of directors.
(1) A director of a subsidiary bank, 1
[nominated under clause
(b) or clause (c) or clause (e) of sub-section (1) of section 25 or appointed under clause (ca) or clause
(cb) of that sub-section] shall hold office during the pleasure of the authority 2
[nominating or
appointing] him.
3
[(2) Subject to the provisions contained in section 25, a director elected under clause (d) of
sub-section (1) of that section shall hold office for three years 4
***, and shall be eligible for
re-election:
Provided that no such director shall hold office continuously for a period exceeding six years.
(2A) Subject to the provisions contained in section 25 and in sub-section (1), a director nominated
under clause (c) and not being an officer of the State Bank or a director appointed under clause (ca) or
clause (cb) or a director, not being an officer of the Central Government, nominated under clause (e)
of sub-section (1) of section 25, shall hold office for such term not exceeding three years, as the
Central Government may specify 5
[and thereafter until his successor shall have been duly appointed],
and shall be eligible for re-nomination or re-appointment, as the case may be:
Provided that no such director shall hold office continuously for a period exceeding six years.]
6
* * * * *
Notes:
1. Subs. by Act 66 of 1988, s. 19, for certain words (w.e.f. 30-12-1988).
2. Subs. by s. 19, ibid., for "nominating" (w.e.f. 30-12-1988).
3. Subs. by s. 19, ibid., for sub-sections (2) and (2A) (w.e.f. 30-12-1988).
4. The words "and thereafter until his successor is duly elected" omitted by Act 45 of 2006, s. 16 (w.e.f.16-10-2006).
5. Subs. by s. 16, ibid., for "and thereafter until his successor shall have been duly nominated or appointed"
(w.e.f.16-10-2006).
6. Sub-section (3) omitted by Act 66 of 1988, s. 19 (w.e.f. 30-12-1988).