Currency Act, 1927
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Election of the first Chairman. |
24.—(1) When and so soon as all the first ordinary Commissioners have been duly elected or nominated the Minister shall appoint a time and place (in this section referred to as the appointed time and place) for the meeting of such Commissioners for the election of the first Chairman and shall notify in writing every such Commissioner of the time and place so appointed. | |
(2) It shall be the duty of the first ordinary Commissioners to attend at the appointed time and place and such Commissioners or such of them as are present shall then or within ten days or such longer time not exceeding thirty days thereafter as the Minister shall sanction elect in accordance with the Rules contained in the Fourth Schedule to this Act an eligible person willing to act to be the first Chairman and shall forthwith communicate to the Minister in accordance with the said Rules the name of the person so elected. | ||
(3) If the ordinary Commissioners shall fail to elect within the time hereinbefore limited in that behalf an eligible person willing to act to be the first Chairman, the Minister shall as soon as conveniently may be after the expiration of the said time nominate after consultation with each of the Shareholding Banks and with each of the ordinary Commissioners an eligible person willing to act to be the first Chairman. |