Section 24. Removal from office of directors, etc

24. Removal from office of directors, etc. —(1) The Central Government may, after consulting the Reserve Bank, remove from office[2] [the chairman[3] * or a managing director.] 4* * * * * (3) The Central Government,[5] * may remove from office any director[6] [appointed under clause (ca) or clause (cb) or nominated under clause (d)][7] [of section 19][8] [or any member of a Local Board nominated under clause (c) of sub-section (1) of section 21] and[9] [appoint or nominate, as the case may be,] in his stead another person to fill the vacancy. (4) The shareholders, other than the[10] [Central Government], may, by a resolution passed by majority of the votes of such shareholders holding in the aggregate not less than one-half of the share capital held by all such shareholders, remove any director elected under clause (c)[11] *of section 19 and elect in his stead another person to fill the vacancy. 12* * * * * (6) No person shall be removed from his office under sub-section (1)[13] * or sub-section (3) unless he has been given an opportunity of showing cause against his removal.