Currency Act, 1927

Election of first elected Commissioners.

22.—(1) When the Minister has received from every Bank mentioned in the Third Schedule to this Act an application and payment in accordance with this Act for admission to be one of the first Shareholding Banks or the period limited by this Act for making such applications has expired (whichever shall first happen), the Minister shall appoint a time and place (in this section referred to as the appointed time and place) for the meeting of representatives of the first Shareholding Banks for the election of the first elected Commissioners and shall notify in writing every such Bank of the time and place so appointed.

(2) Any of the first Shareholding Banks may cause one and only one representative nominated in that behalf by it to attend at the appointed time and place, and the several such representatives who attend at such time and place shall then or within three days thereafter elect in accordance with the Rules contained in the Fourth Schedule to this Act three eligible persons willing to act to be the first elected Commissioners and shall forthwith communicate to the Minister in accordance with the said Rules the names of the persons so elected.

(3) If the said representatives of the first Shareholding Banks who attend at the appointed time and place fail to elect in accordance with the foregoing sub-section any eligible persons willing to act to be the first elected Commissioners or so elect less than three such persons or if no representatives of the first Shareholding Banks attend at the appointed time and place, the Minister shall within ten days after the appointed time nominate three or such lesser number as the circumstances require eligible persons willing to act to be the first elected Commissioners and the persons so nominated shall for all purposes be deemed to have been duly elected by representatives of the first Shareholding Banks and references in this Act to the election of the first elected Commissioners shall be construed as including such nomination.

(4) If and so far as eligible and suitable persons willing to act can be found amongst the directors of the several first Shareholding Banks, no person who is not a director of one of the first Shareholding Banks shall be nominated by the Minister under the foregoing sub-section and in any event no person who is in the permanent service of the State shall be so nominated.

(5) If no Bank applies in accordance with this Act to be admitted to be one of the first Shareholding Banks the Minister shall within ten days after the expiration of the period limited by this Act for making such applications nominate three eligible persons willing to act and not in the permanent service of the State to be the first elected Commissioners and the persons so nominated shall for all purposes be deemed to have been duly elected to be the first elected Commissioners and references in this Act to the election of the first elected Commissioners shall be construed as including such nomination.