Central Bank Act, 1942

Disqualification of Directors.

25.—If and whenever a Director other than a service Director—

(a) becomes by ill-health permanently incapacitated for performing his duties as such Director, or

(b) is adjudged bankrupt (whether in the State or in any other country) or makes a composition or arrangement with his creditors, or

(c) is sentenced by a court of competent jurisdiction to suffer imprisonment or penal servitude, or

(d) ceases to be ordinarily resident within the State, or

(e) absents himself from all meetings of the Board for a period of six months without the permission of the Board,

he shall forthwith become and be disqualified from holding the office of Director.