Section 19:
Composition of the Central Board.
1*** The Central Board shall consist of the following,
namely:
(a) a chairman 2*** to be appointed by the Central Government in consultation with the Reserve
Bank 3***.
4[(b) such number of managing directors not exceeding four, as may be appointed by the Central
Government in consultation with the Reserve Bank;]
5* * * * *
(c) if the total amount of the holdings of the shareholders, other than the 6[Central Government],
whose names are on the 7[register of shareholders] three months before the date fixed for election of
directors is--
(i) not more than ten per cent. of the total issued capital, two directors,
(ii) more than ten per cent. but not more than twenty-five per cent. of such capital three
directors, and
(iii) more than twenty-five per cent. of such capital, four directors, to be elected in the
prescribed manner by such shareholders;
8[(ca) one director, from among the employees of the State Bank, who are workmen, to be
appointed by the Central Government in the manner provided in the rules made under this Act;
(cb) one director, from among such of the employees of the State Bank, as are not workmen, to be
appointed by the Central Government in the manner provided in the rules made under this Act];
(d) not less than two and not more than six directors to be nominated by the Central
Government, 9*** from among persons having special knowledge of the working of co-operative
institutions and of rural economy or experience in commerce, industry, banking or finance;]
(e) one director to be nominated by the Central Government; and
10[(f) one director, possessing necessary expertise and experience in matters relating to regulation
or supervision of commercial banks to be nominated by the Central Government on the
recommendation of the Reserve Bank.]
Notes:
1. The brackets and figure "(1)" omitted by Act 3 of 1994, s. 8 (w.e.f. 15-10-1993).
2. Certain words omitted by Act 73 of 1976, s. 4 (w.e.f. 11-6-1976).
3. The words "and a vice-chairman" omitted by Act 27 of 2010, s. 10 (w.e.f. 15-9-2010).
4. Subs. by s. 10, ibid., for clause (b) (w.e.f. 15-9-2010).
5. Omitted by s. 10, ibid. (w.e.f. 15-9-2010).
6. Subs. by Act 32 of 2007, s. 7, for ''Reserve Bank'' (w.e.f. 29-6-2007).
7. Subs. by Act 3 of 1994, s. 8, for ''Principal register'' (w.e.f. 15-10-1993).
8. Ins. by Act 48 of 1973, s. 3 (w.e.f. 1-7-1974).
9. The words ''in consultation with the Reserve Bank'' omitted by Act 27 of 2010, s. 10 (w.e.f. 15-9-2010).
10. Subs. by s. 10, ibid., for clause (f) (w.e.f. 15-9-2010).