Section 4 in The Nationalised Banks (Management And Miscellaneous Provisions) Scheme, 1970
4. [ Manner of retirement of nominee Directors.
- The Director referred to in clause (h) of sub-section (3) of section 9 of the Act, shall retire by rotation, when the elected Directors assume charge, in such manner that the Directors who have been longest in office since the last nomination, shall retire first and as between persons, who became Directors on the same day, those who are to retire, shall, in default of or subject to any agreement among themselves, be decided by the Central Government.][4-A. Manner of retirement of excess elected Director.- The number of excess Directors shall be determined under the second proviso to clause (i) of sub -section (3) of section 9 of the Act and such number of Directors elected by the shareholders (other than the Central Government) equal to the number so determined shall retire, and the order in which the Directors shall retire, will begin with the longest serving Director:Provided that, if two or more Directors have served for the same period of time the older among the said Directors shall retire first.]
