Section 24: Removal from office of directors, etc.

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

(3) The Central Government, [Omitted] may remove from office any directorappointed under clause (ca) or clause (cb) or nominated under clause(d) 7[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) [Omitted] of section 19 and elect in his stead another person to fill the vacancy. [Omitted]

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