Section 36AA. Power of Reserve Bank to remove managerial and other persons from office

36AA. Power of Reserve Bank to remove managerial and other persons from office. —(1) Where the Reserve Bank is satisfied that in the public interest or for preventing the affairs of a banking company being conducted in a manner detrimental to the interests of the depositors or for securing the proper management of any banking company it is necessary so to do, the Reserve Bank may, for reasons to be recorded in writing, by order, remove from office, with effect from such date as may be specified in the order,[4] [any chairman, director,] chief executive officer (by whatever name called) or other officer or employee of the banking company. (2) No order under sub-section (1) shall be made[5] [unless the chairman, director] or chief executive officer or other officer or employee concerned has been given a reasonable opportunity of making a representation to the Reserve Bank against the proposed order: