Section 9(3)(i) in The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980

[Cites 0, Cited by 1] [Section 9(3)] [Section 9] [Entire Act]

Union of India - Subsection

Section 9(3)(i) in The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980

(i)[ where the capital issued under clause (c) of sub-section (2-B) of section 3 is- [Substituted by Act 45 of 2006, Section 9, for Clause (i) (w.e.f. 16.10.2006).]

(I)not more than sixteen per cent of the total paid-up capital, one director;

(II)more than sixteen per cent but not more than thirty-two per cent of the total paid-up capital, two directors;

(III)more than thirty-two per cent of the total paid-up capital, three directors, to be elected by the shareholders, other than the Central Government, from amongst themselves:

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Union of India - Subsection

Section 9(3)(i) in The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980