Section 23. Vacation of office of directors, etc

23. Vacation of office of directors, etc. —If a director of the Central Board or a member of a Local Board or a Local Committee— (a) becomes subject to any of the disqualifications mentioned in section 22; or (b) resigns his office by giving notice in writing under his hand, in the case of the[6] [chairman 7* and amanaging director] to the Central Government and in the case of other directors or members of Local Boards or Committees, to the Central Board, and the resignation is accepted; or (c) is absent without leave of the Central Board, the Local Board or the Local Committee of which he is a director or member, as the case may be, for more than three consecutive meetings thereof; his seat shall thereupon become vacant. 1. Ins. by Act 48 of 1973, s. 7 (w.e.f. 26-6-1974). 2. The words, brackets and figure "of sub-section (1)" omitted by Act 3 of 1994, s. 13 (w.e.f. 15-10-1993). 3. Subs. by Act 27 of 2010, s. 16, for cl. (h) (w.e.f. 15-9-2010). 4. Ins. by Act 26 of 1959, s. 2 (w.e.f. 28-8-1959). 5. Subs. by Act 3 of 1994, s. 13, for "Banking Companies Act, 1949" (w.e.f. 15-10-1993). 6. Subs. by Act 73 of 1976, s. 4, for "the chairman and vice-chairman" (w.e.f. 11-6-1976).