Section 15(1) in Banking Companies (Acquisition And Transfer of Undertaking) Act, 1969
(1)Every person holding office as Chairman, managing or whole-time director of an existing bank shall, on the commencement of this Act, be deemed to have vacated office and every other director of such bank (herein after referred to as the 'continuing directors') shall, until directors are duly elected by such existing bank, be deemed to continue to hold such office.
