Section 20. Term of office of chairman, managing director, etc

20. Term of office of chairman, managing director, etc. —(1)[1] [The chairman,[2] * and each managing director] shall hold office for such term, not exceeding five years, as the Central Government may fix when appointing them and shall be eligible for reappointment. 3[(1A) Notwithstanding anything contained in sub-section (1), the Central Government shall have the right to terminate the terms of office of the chairman[2] * or a managing director, as the case may be, at any time before the expiry of the term fixed under sub-section (1) by giving him notice of not less than three months in writing or three months' salary and allowances in lieu of such notice; and the chairman 2* or a managing director, as the case may be, shall also have the right to relinquish his office at any time before the expiry of the term so fixed by giving to the Central Government notice of not less than three months in writing.] 4* * * * * (3) Subject to the provisions contained in section 19[5] *, a director elected under clause (c)[6] * of 7[that section] shall hold office for 8[three years] and 9* 10* and shall be eligible for re-election 11*: 12[Provided that no such director shall hold office continuously for a period exceeding six years.] 13[(3A) 14[subject to the provisions contained in sub-section (4), a director] appointed under clause (ca) or clause (cb )[15] [of section 19 or nominated under clause (d) of that section] shall hold office for such term, not exceeding three years, as the Central Government may specify[16] * and shall be eligible[17] [for reappointment or re-nomination, as the case may be:]] 12[Provided that no such director shall hold office continuously for a period exceeding six years.] 18[(4) A director appointed under clause (ca) or clause (cb) 19[of section 19 or nominated under clause (d) or clause (e) or clause (f) of that section] shall hold office during the pleasure of the authority appointing or nominating him, as the case may be.] 1. Subs. by Act 73 of 1976, s. 4, for "The chairman and the vice-chairman" (w.e.f. 11-6-1976). 2. The words ", vice-chairman" omitted by Act 27 of 2010, s. 12 (w.e.f. 15-6-2010). 3. Ins. by Act 73 of 1976, s. 4 (w.e.f. 11-6-1976). 4. Sub-section (2) omitted by s. 4, ibid . (w.e.f. 11-6-1976). 5. The words, brackets and figure "and in sub-section (5)" omitted by Act 66 of 1988, s.12 (w.e.f. 8-7-1992). 6. The words, brackets and figure "of sub-section (1)" omitted by Act 3 of 1994, s. 9 (w.e.f. 15-10-1993). 7. Subs. by Act 66 of 1988, s. 12, for certain words (w.e.f. 8-7-1992). 8. Subs. by s. 12, ibid ., for "four years" (w.e.f. 8-7-1992). 9. The words "and thereafter until his successor shall have been duly elected" omitted by Act 45 of 2006, s. 14 (w.e.f. 16-10-2006). 10.The words "or nominated" omitted by Act 66 of 1988, s. 12 (w.e.f. 8-7-1992). 11. The words "or renomination" omitted by s. 12, ibid . (w.e.f. 8-7-1992). 12. Ins. by s. 12, ibid . (w.e.f. 8-7-1992). 13. Ins. by Act 48 of 1973, s. 4 (w.e.f. 1-7-1974). 14. Subs. by Act 66 of 1988, s. 12, for "A director" (w.e.f. 8-7-1992). 15. Subs. by Act 3 of 1994, s. 9, for certain words (w.e.f. 15-10-1993). 16. The words "and thereafter until his successor shall have been duly appointed or nominated" omitted by Act 27 of 2010, s. 12 (w.e.f. 15-9-2010). 17. Subs. by Act 66 of 1988, s. 12, for certain words (w.e.f. 8-7-1992). 18. Subs. by s. 12, ibid ., for sub-section (4) (w.e.f. 8-7-1992). 19. Subs. by Act 3 of 1994, s. 9, for certain words (w.e.f. 15-10-1993). 1* * * * * 2[21. Local Boards.— (1) There shall be constituted at each place where the State Bank has a local head office, a Local Board which shall consist of the following members, namely: — 3 [(a) the chairman, ex officio or the managing director nominated by the chairman;] 4[(b) all such directors elected or nominated to the Central Board under clause (c) or clause (d) of section 19 as are ordinarily resident in the area falling within the jurisdiction of the local head office;] (c) six members to be nominated by the Central Government[5] *; 6* * * * * (e)[7] [the Chief General Manager] of the local head office, appointed by the State Bank, ex officio . 8[(2) Where as a result of the establishment of any local head office (hereinafter referred to as the new local head office) for any area which is already falling within the jurisdiction of another local head office (hereinafter referred to as the existing local head office) a Local Board (hereinafter referred to as the new Local Board) is constituted for the new local head office, any person who is, at the time of such Constitution, holding office as a member of a Local Board (hereinafter referred to as the existing Local Board) for an existing local head office under clause (c) of sub-section (1) and is ordinarily resident in the area falling within the jurisdiction of the new local head office, shall cease to hold office as member of the existing Local Board and shall become a member of the new Local Board and shall on becoming such member be deemed to have been nominated to the new Local Board and shall hold office as such member for the unexpired portion of his term of office as a member of the existing Local Board.] (3) Any vacancy caused in the existing Local Board as a result of any member thereof becoming a member of the new Local Board under sub-section (2) shall be deemed to be a casual vacancy and be filled in accordance with the provisions of section 25. 9* * * * * 10[(5) The 11[Central Government] shall, in consultation with the chairman, appoint— (a) a member of a Local Board nominated under clause (c) of sub-section (1) to be the president thereof; and (b) a member of a Local Board holding office under clause (b) or nominated under clause (c) of that sub-section to be the vice-president thereof.] 12 [21A. Term of office of members of Local Board .—13[(1) Subject to the provisions contained in this section and in sub-section (2) of section 21, a member of a Local Board nominated under clause (c) of sub-section (1) of section 21 shall hold office for such term, not exceeding three years, as the central Government may specify in this behalf[14] * and shall be eligible for renomination: Provided that no such director shall hold office continuously for a period exceeding six years.] 1. Sub-section (5) omitted by Act 66 of 1988, s. 12 (w.e.f. 8-7-1992). 2. Subs. by Act 35 of 1964, s. 5, for section 21 (w.e.f. 1-12-1974). 3. Subs. by Act 27 of 2010, s. 13, for clause (a) (w.e.f. 15-9-2010). 4. Subs. by Act 3 of 1994, s. 10, for clause (b) (w.e.f. 15-10-1993). 5. The words "in consultation with the Reserve Bank" omitted by Act 27 of 2010, s. 13 (w.e.f. 15-9-2010). 6. Cl. (d) omitted by s. 10, ibid. (w.e.f. 15-10-1993). 7. Subs. by Act 48 of 1973, s. 5, for "the Secretary and Treasurer" (w.e.f. 1-7-1984). 8. subs. by Act 3 of 1994, s. 10, for sub-section (2) (w.e.f. 15-10-1974). 9. Sub-section (4) omitted by Act 3 of 1994, s. 10 (w.e.f. 15-10-1993). 10. Subs. by s. 10, ibid ., for sub-section (5) (w.e.f. 15-10-1993). 11. Subs. by Act 27of 2010, s. 13, for "Governor of the Reserve Bank" (w.e.f. 15-9-2010). 12. Ins. by Act 35 of 1964, s. 6 (w.e.f. 1-12-1964). 13. Subs. by Act 3 of 1994, s. 13, for sub-section (1) (w.e.f. 15-10-1993). 14. The words "and thereafter until his successor has been duly nominated" omitted by Act 45 of 2006, s. 15 (w.e.f. 16-10-2006). 1* * * * * (3) A director of the Central Board becoming a member of a Local Board by virtue of the provisions of clause (b) of sub-section (1) of section 21 shall cease to hold office as such member on his ceasing to be a director or on his ceasing to be ordinarily resident in the relevant area. (4) The president and the vice-president of a Local Board shall each hold office for two years or the remaining period of his office as a member of the Local Board, whichever is shorter, and shall be eligible for re-appointment so long as he is a member of the Local Board. 2[(5) A member of a Local Board nominated under clause (c) of sub-section (1) of section 21 shall hold office during the pleasure of the Central Government.]