Reserve Bank of India Act, 1934
11. Removal from and vacation of office
(1) The Central Government may remove from office the Governor,
or a Deputy Governor or any other Director or any member of a Local Board.
(2) A Director nominated under clause (b) or clause (c) of
sub-section (1) of section 8 shall cease to hold office if without leave from
the Central Board he absents himself from three consecutive meetings of the
Board convened under sub-section (1) of section 13.
(3) The Central Government shall remove from office any
Director, and the Central Board shall remove from office any member of a Local
Board, if such Director or member becomes subject to any of the
disqualifications specified in sub-section (1) or sub-section (2) of section
10.
(4) A director or member of Local Board removed or ceasing to
hold office under the foregoing sub-sections shall not be eligible for
re-appointment either as Director or as member of a Local Board until the
expiry of the term for which his appointment was made.
(5) The nomination as Director or member of a Local Board of any
person who is a Member of Parliament or the Legislature of any State shall be
void, unless within two months of the date of his nomination he ceases to be
such member, and if any Director or member of a Local Board is elected or
nominated as a member at Parliament or any such Legislature, he shall cease to
be a Director or member of the Local Board as from the date of such election or
nomination, as the case may be.
(6) A director may resign his office to the Central Government,
and a member of a Local Board may resign his office to the Central Board, and
on the acceptance of the resignation the office shall become vacant.