Section 24: Removal from office of directors, etc

(1) The Central Government may, after consulting the Reserve Bank, remove from office [the chairman *** or a managing director.]

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(3) The Central Government, *** may remove from office any director [appointed under clause (ca) or clause (cb) or nominated under clause(d) [of section 19] [or any member of a Local Board nominated under clause (c) of sub-section (1) of section 21] and [appoint or nominate, as the case may be], in his stead another person to fill the vacancy.

(4) The shareholders, other than the [Central Government], may, by a resolution passed by majority, of the votes of such shareholders holding in the aggregate not less than one-half of the share capital held by all such shareholders, remove any director elected under clause (c) ***of section 19 and elect in his stead another person to fill the vacancy.

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(6) No person shall be removed from his office under sub-section (1) *** or sub-section (3) unless he has been given an opportunity of showing cause against his removal.