Currency Act, 1927
Election of elected Commissioners other than the first such Commissioners.
27.—(1) Not more than thirty nor less than ten days before the expiration by effluxion of time of the term of office of an elected Commissioner and as soon as conveniently may be after the office of an elected Commissioner becomes vacant otherwise than by effluxion of time, the Commission shall notify every Shareholding Bank in wrwiting of such prospective or actual vacancy in the office of such elected Commissioner and shall in such notification request such Bank to cause one and only one representative to attend at a time and place (in this section referred to as the appointed time and place) appointed by the Commission and stated in such notification to elect an elected Commissioner to fill such vacancy.
(2) The several representatives of the Shareholding Banks (not being more than one representative from each such Bank) who attend at the appointed time and place shall then or within three days thereafter elect in accordance with the Rules contained in the Fourth Schedule to this Act an eligible person willing to act to fill the said vacancy in the office of elected Commissioner and shall forthwith communicate to the Commission in accordance with the said Rules the name of the person so elected.
(3) If the said representatives of the Shareholding Banks who so attend at the appointed time and place fail to elect in accordance with the foregoing sub-section an eligible person willing to act to fill such vacancy in the office of elected Commissioner or if no representatives of Shareholding Banks attend at the appointed time and place, the Commission shall inform the Minister in writing of such failure or non-attendance and the Minister shall within ten days after being so informed nominate an eligible person willing to act to fill such vacancy and the person so nominated shall for all purposes be deemed to have been duly elected by representatives of Shareholding Banks and references in this Act to the election of an elected Commissioner shall be construed as including such nomination.
(4) If an eligible and suitable person willing to act can be found amongst the directors of the several Shareholding Banks, no person who is not a director of a Shareholding Bank 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.