Act Number: 21

Act Name: The Regional Rural Banks Act, 1976

Year: 1976

Enactment Date: 1976-02-09

Long Title: An Act to provide for the incorporation, regulation and winding up of Regional Rural Banks with a view to developing the rural economy by providing, for the purpose of development of agriculture, trade, commerce, industry and other productive activities in the rural areas, credit and other facilities, particularly to the small and marginal farmers, agricultural labourers, artisans and small entrepreneurs, and for matters connected therewith and incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 12: Disqualifications.
    A person shall be disqualified for being appointed or, as the case may be, nominated as, and for being, a director, if he--
         (a) is, or, at any time has been, adjudged insolvent or has suspended payment of his debt or has compounded with his creditors, or
         (b) is of unsound mind and stands so declared by a competent court, or
         (c) is, or has been, convicted of an offence which, in the opinion of the Central Government, involves moral turpitude.
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