Section 18(4) in The Banking Companies (Acquisition And Transfer Of Undertakings) Act, 1970
(4)Upon making the order of supersession of the Board of Directors of the corresponding new bank, notwithstanding anything contained in this Act,¬-(a)the chairman, managing directors and other directors shall, as from the date of supersession, vacate their offices as such;(b)all the powers, functions and duties which may, by or under the provisions of this Act or any other law for the time being in force, be exercised and discharged by or on behalf of the Board of Directors of such corresponding new bank, or by a resolution passed in general meeting of such corresponding new bank, shall, until the Board of Directors of such corresponding new bank is reconstituted, be exercised and discharged by the Administrator appointed by the Central Government under sub¬-section (2):Provided that the power exercised by the Administrator shall be valid notwithstanding that such power is exercisable by a resolution passed in the general meeting of the corresponding new bank.
