Section 15: Dismissal of the Governor and Deputy Governor

1[15. Dismissal of the Governor and Deputy Governor.⸺ (1) The appointing authority may remove the Governor, or a Deputy Governor, if he⸺ (a) is guilty of gross misconduct; or (b) is incapable of properly performing the duties of his office by reason of physical or mental incapacity; or (c) has violated any of the stipulations mentioned in section 13. (2) The appointing authority shall remove any non-executive Director or external member of the Monetary Policy Committee if he⸺ (a) is guilty of gross misconduct; or (b) is incapable of properly performing the duties of his office by reason of physical or mental incapacity; or (c) has violated any of the stipulations mentioned in sections 13: Provided that no proceedings under sub-sections (1) and (2) shall be initiated unless a show cause notice, including an opportunity of being heard, is given to such person.] (3) (a) The Governor, a Deputy Governor or a director may resign his office by statement to that effect in writing signed by him and addressed to the 1[Federal Government]. (b) A statement of resignation by a Deputy Governor or director shall be addressed as above through the Governor. (c) A 2[director or] member may resign his office by a statement to that effect in writing signed by him and addressed to the 2[Board]. (d) On the acceptance of such a resignation by the 3[Federal Government] or the 2[Board], as the case may be, the office shall become vacant. (4) Any director or member vacating office under this section shall not be eligible to become a director or member, as the case may be, until the expiry of the term of office for which he was 2[appointed]. (5) In the event of a vacancy occurring amongst the 1[appointed directors], the 2[Federal Government] shall fill the vacancy by 1[appointing another director]. (6) 1[* ** * ** *]

Effective date: 1956-04-18

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