SIDBI Act 9Chapter II · Establishment of the Small Industries Development Bank of India and Capital Thereof
Section 9 · Vacation and resignation of office by directors
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1[9. Vacation and resignation of office by directors.--(1) The office of a director shall become
vacant if he--
(a) becomes subject to any of the disqualifications mentioned in section 8; or
(b) resigns his office by giving notice in writing under his hand and the resignation is accepted; or
(c) absents himself from three consecutive meetings of the Board without obtaining leave of absence from the Board.
(2) Notwithstanding anything contained in clause (a) of sub-section (1), the disqualifications referred to in that clause shall not take effect--
(a) for thirty days from the date of the adjudication, sentence or order;
(b) where any appeal or petition is preferred within thirty days aforesaid against the adjudication, sentence or conviction resulting in the sentence or order until the expiry of seven days from the date on which such appeal or petition is disposed of; or
(c) where within the seven days aforesaid, any further appeal or petition is preferred in respect of the adjudication, sentence, conviction or order and the appeal or petition, if allowed, would result in the removal of the disqualification, until such further appeal or petition is disposed of.]
(a) becomes subject to any of the disqualifications mentioned in section 8; or
(b) resigns his office by giving notice in writing under his hand and the resignation is accepted; or
(c) absents himself from three consecutive meetings of the Board without obtaining leave of absence from the Board.
(2) Notwithstanding anything contained in clause (a) of sub-section (1), the disqualifications referred to in that clause shall not take effect--
(a) for thirty days from the date of the adjudication, sentence or order;
(b) where any appeal or petition is preferred within thirty days aforesaid against the adjudication, sentence or conviction resulting in the sentence or order until the expiry of seven days from the date on which such appeal or petition is disposed of; or
(c) where within the seven days aforesaid, any further appeal or petition is preferred in respect of the adjudication, sentence, conviction or order and the appeal or petition, if allowed, would result in the removal of the disqualification, until such further appeal or petition is disposed of.]
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