1[12A. Election of new directors--(1) The Reserve Bank may, by order, require any banking company to call a general meeting of the share holders of the company within such time, not less than two months from the date of the order, as may be specified in the order or within such further time as the Reserve Bank may allow in this behalf, to elect in accordance with the voting rights permissible under this Act fresh directors, and the banking company shall be bound to comply with the order.
(2) Every director elected under sub-section (1) shall hold office until the date up to which his predecessor would have held office, if the election had not been held.
(3) Any election duly held under this section shall not be called in question in any court.]
(2) Every director elected under sub-section (1) shall hold office until the date up to which his predecessor would have held office, if the election had not been held.
(3) Any election duly held under this section shall not be called in question in any court.]
Source footnotes
1. Ins. by Act 95 of 1956, s. 4 (w.e.f. 14-1-1957).आगे पढ़ें / Continue reading
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Section 1 · Short title, extent and commencement.Section 2 · Application of other laws not barred.Section 3 · Act not to apply to certain co-operative societies.Section 4 · Power to suspend operation of Act.Section 5 · Interpretation.Section 5A · Act to override memorandum, articles, etc.Section 6 · Form of business in which banking companies may engage.Section 7 · Use of words "bank", "banker", "banking" or "banking company".India Code, Government of India. Text fetched 15 Oct 2026. Source metadata reports last modification: 2026-01-06. Check the linked official text and subsequent notifications when applying a provision.