Section 15. Filling up of vacancies

In the event of any vacancy occurring on account of death, resignation, disqualification or removal or otherwise, the Board shall forthwith communicate the occurrence to the Government and the vacancy shall be filled not later than ninety days from the date of the occurrence of the vacancy, and the person nominated to fill in the vacancy shall hold office so long only as the director in whose place he is nominated would have held it, if the vacancy had not occurred: Provided that during any such vacancy, the continuing directors may Act as if no vacancy has occurred.