Section 9 in The Reserve Bank Of India General Regulations, 1949
9. Meetings Local Boards .-(i) Meetings of Local Boards shall be convened from time to time as the Central Government may by general or special regulation direct.
(ii)Two members shall form a quorum for the transaction of business.(iii)At the first meeting of a Local Board after the incoming members have assumed office, the Local Board shall elect from amongst its members a chairman and a Vice-Chairman. They shall continue in their respective offices until a fresh Board has been constituted on the expiry of their term of office unless such office is vacated by death, resignation or removal.(iv)The managers in charge of the offices of the Bank in Bombay, Calcutta, Delhi and Madras shall be ex officio secretaries of the Local Boards at these places. The officers in charge of the Department of Banking Operations and Development at the respective local offices shall be ex officio deputy secretaries provided that where there is no such officer or the officer is not available, the officer next senior in rank to the Manager shall be ex officio deputy secretary.(v)The Chairman or in his absence the Vice-Chairman shall preside at all meetings of the Local Board. In the event of the absence of both the Chairman and the Vice-Chairman through illness or other unavoidable cause, the members present at the meeting may elect one from amongst themselves to preside at the meeting. In the event of an equality of votes the person presiding shall have a second or casting vote.(vi)A copy of the proceedings of each Local Board meeting shall be circulated as soon as possible thereafter for the information of the members of the Local Board and shall be signed by the person presiding at that or the next succeeding meeting. A copy of the said proceedings shall also be submitted forthwith to the Central Board.
