Removal of Directors and Chief Executive Officers

(1) The members of the board or chief executive officers of the State Co-operative Bank and Central Co-operative Banks shall fulfill the criteria stipulated by the Reserve Bank for the time being in force. (2) A member of the board of the State Cooperative Bank or a Central Co- operative Bank or a person holding the post of chief executive officer who does not fulfill the criteria stipulated by the Reserve Bank shall be treated as ineligible for such post and if such person is holding the post, he shall be removed by the Registrar or the appointing authority, as the case may be, within two months of being so advised by the Reserve Bank or the National Bank. However, the existing elected members of the board holding their post as such members on the date of the commencement of Karnataka Cooperative Societies (Amendment) Act 2009 shall continue to hold their offices till the expiry of their remaining term.