¹[(1) If the chairman, ²*** or a managing director is rendered incapable of discharging his duties by reason of infirmity or otherwise or is absent on leave or otherwise in circumstances not involving the vacation of his office, the Central Government may, in consultation with the Reserve Bank, appoint another person to officiate in the vacancy.]

³[(2) Where any vacancy occurs before the expiry of the term of office of a director, other than the Chairman, ²*** or a managing director or ⁴[a director appointed under clause (ca) or ⁵[clause (cb) of section 19 or of a member of a Local Board other than the Chief General Manager] the vacancy shall be filled—

(a) in the case of an elected director, by election; and

(b) in the case of a director nominated under clause (d) of section 19 or a member of a Local Board nominated under clause (c) of sub-section (1) of section 21, by nomination ⁶***:

Provided that where the duration of the vacancy in the office of an elected director is likely to be less than six months, the vacancy may be filled by the remaining directors] by co-opting a person not disqualified under section 22.]

(3) A person elected or nominated or co-opted, as the case may be, ⁷[under sub-section (2)] shall hold office for the unexpired portion of the term of his predecessor.

⁸[(4) Where any vacancy occurs before the expiry of the term of office of a director appointed under clause (ca) or clause (cb) ⁹*** of section 19, such vacancy shall be filled in accordance with the said clause (ca) or as the case may be, clause (cb), and the director so appointed shall hold office for the period specified under sub-section (3A) of section 20.]

1. Subs. by Act 73 of 1976, s. 4, for sub-section (1) w.e.f. 11-6-1976).
2. The word “, vice-chairman” omitted by Act 27 of 2010, s. 20 (w.e.f. 15-9-2010).
3. Subs. by Act 35 of 1964, s. 9, for sub-section (2) (w.e.f. 1-12-1964).
4. Subs. by Act 48 of 1973, s. 9, for certain words (w.e.f. 1-7-1974).
5. Subs. by Act 3 of 1994, s. 15, for certain words, brackets, letters and figure (w.e.f. 15-10-1993).
6. The words “in consultation with the Reserve Bank” omitted by Act 27 of 2010, s. 20 (w.e.f. 15-9-2010).
7. Subs. by Act 48 of 1973, s. 9, for “under this section” (w.e.f. 1-7-1974).
8. Ins. by s. 9, ibid. (w.e.f. 1-7-1974).
9. The words, brackets and figure “by sub-section (1)” omitted by Act 3 of 1994, s. 15 (w.e.f. 15-10-1993).