Provisions Concerning
Formation of Board of Directors of Banks or Financial Institutions:
(1) Every bank or financial institution shall have a Board of
Directors. The Board shall consist of not less than five and not more than nine
Directors.
(2) Subject to Sub-section (1), there shall be appointed to the Board a
professional director from the list of professional experts maintained by the
Rastra Bank pursuant to Section 13. The Director to be so appointed shall not
be required to have subscribed any share of the concerned bank or financial
institution.
(3) A director chosen by the directors from among themselves by a
majority decision shall be the chairperson of the Board of Directors.
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