Lawgist7Management
1[7. Management.--(1) The Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest.
(2) Subject to any such directions, the general superintendence and direction of the affairs and business of the Bank shall be entrusted to a Central Board of Directors which may exercise all powers and do all acts and things which may be exercised or done by the Bank.
2[(3) Save as otherwise provided in regulations made by the Central Board, the Governor and in his absence the Deputy Governor nominated by him in his behalf, shall also have powers of general superintendence and direction of the affairs and the business of the Bank, and may exercise all powers and do all acts and things which may be exercised or done by the Bank.]]
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1. Subs. by Act 62 of 1948, s. 7 and the Schedule, for section 7 (w.e.f. 1-1-1949).
2. Subs. by Act 32 of 1951, s. 5, for sub-section (3) (w.r.e.f. 1-1-1949).
- 3 Establishment and incorporation of Reserve Bank
- 4 Capital of the Bank
- 5 [Omitted.]
- 6 Offices, branches and agencies
- 7 Management
- 8 Composition of the Central Board, and term of office of Directors
- 9 Local Boards, their constitution and functions
- 10 Disqualifications of Directors and members of Local Boards
- 11 Removal from and vacation of office
- 12 Casual vacancies and absences
- 13 Meetings of the Central Board
- 14 [Omitted.]
- 15 [Omitted.]
- 16 [Omitted.]
- 17 Business which the Bank may transact
- 18 Power of direct discount
- 18A Validity of loan or advance not to be questioned
- 19 Business which the Bank may not transact
