The Reserve Bank (Transfer to Public Ownership) Act, 1948
Section 4. Vacation of office by existing office bearers.
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.
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Cases citing this section
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