Section 16A(2) in The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
(2)Any director appointed as aforesaid shall-(a)hold office during the pleasure of the corresponding new bank and may be removed or substituted by any person by order in writing of the corresponding new bank;(b)not incur any obligation or liability by reason only of his being a director or for anything done or omitted to be done in good faith in the discharge of his duties as a director or anything in relation thereto;(c)not be liable to retirement by rotation and shall not be taken into account for computing the number of directors liable to such retirement.]
