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Section 14 – The State Bank of Hyderabad Act,1956

The State Bank of Hyderabad Act,1956

Section 14. Disqualification for directorship

(1) A person shall be disqualified to be a director of the Hyderabad Bank, if-

(a) He holds the office of director, provisional director, promoter, agent, or manager of any banking company or a banking company for the formation of which a prospectus has been issued; or

(b) He has been removed or dismissed from the service of Government; or

(c) He holds any office of profit under the Hyderabad Bank, other than the office of a managing director; or

(d) He is, or at any time has been adjudicated an insolvent or has suspended payment of his debts or has compounded with his creditors; or

(e) He is declared a lunatic or becomes of unsound mind; or

(f) He is or has been convicted of any offence involving moral turpitude.

(2) No two persons who are partners of the same firm or are directors of the same private company or one of whom is an agent of the other or holds a power of attorney from a firm of which the other is a partner may be directors at the same time.

(3) The appointment or nomination as a director of any person who is a member of either House of Parliament or the Legislature of a State shall be void unless within two months of the date of appointment or nomination, as the case may be, he ceases to be a member of Parliament or the Legislature of the State, and if any director is elected or nominated as a member of Parliament or the Legislature of a State, he shall cease to be a director as from the date of such election or nomination, as the case may be.

(4) In this section,-

(a) ‘Banking company’ has the same meaning as in the Banking Companies Act,1949 (10 of 1949);

(b) ‘Manager means the chief executive officer of a banking company by whatever name called:

(c) ‘Private company’ has the same meaning as in the Companies Act,1956 (1 of 1956).

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The State Bank of Hyderabad Act,1956

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