Banks And Financial Institutions Act, 2063 (2006
Section 26
Appointment And Conditions Of Service Of Chief Executive
(1) The Board shall appoint the chief executive of the bank or financial institution, subject to this Act and the memorandum of association and articles of association.
(2) While making appointment of the chief executive, a qualified person shall be appointed from amongst the persons who have done at least bachelor’s degree in any subject and have gained at least five years of experience of the office of director or of the executive level in banking, financial or corporate sector.
Explanation: For the purposes of this sub-section, the expression “executive level” means any officer level post of any governmental, banking, financial, corporate sector or of any international financial institution, organization or any post which is equivalent to or higher than such officer level post.
(3) The chief executive shall be the chief administrator of the bank or financial institution.
(4) The tenure of office of the chief executive shall be a maximum of four years; and he or she may be re-appointed.
(5) The remuneration and other conditions of service of the chief executive shall be as prescribed by the Board.
Banks And Financial Institutions Act, 2063 (2006
Chapter - 4
Section 28: Prohibition On Carrying On Financial Transactions By Any One Other Than Bank Or Financial InstitutionSection 29: Application To Be Made For License To Carry On Financial TransactionsSection 30: License To Be Issued To Carry On Financial TransactionsSection 31: Classification Of Licensed InstitutionsSection 32: Power To Refuse To Issue License To Carry On Financial TransactionsSection 33: Power Of Rastra Bank To Prescribe ConditionsSection 34: Special Provisions Relating To Opening Of Office By Foreign Bank Or Financial InstitutionSection 35: Suspension And Cancellation Of LicenseSection 36: Conversion Of Licensed Institution Of Lower Class Into Licensed Institution Of Higher ClassSection 37: Conversion Of Licensed Institution Of Higher Class Into Licensed Institution Of Lower ClassSection 38: Liquid Assets Required To Be MaintainedSection 39: List Of Licensed Institutions To Be Published
Chapter - 12
Section 76: Permission To Be Obtained For Voluntary LiquidationSection 77: Order Of Priority In Settlement Of Liabilities On Liquidation Of Licensed InstitutionSection 78: Arbitration/mediationSection 79: Secrecy To Be MaintainedSection 80: Power To Give Directive To Freeze AccountsSection 81: Claim Or Title To DepositsSection 82: Particulars Of Unclaimed Deposits Or DividendsSection 83: Recovery From Or Confiscation Of DepositsSection 84: Management ExpensesSection 85: Power To Remove DifficultiesSection 86: Exemptions And FacilitiesSection 87: Not To Be Liable For Act Done In Good FaithSection 88: Oath-takingSection 89: Acts And Actions Not To Be InvalidatedSection 90: Power To Frame RulesSection 91: Power To Frame Bye-lawsSection 92: Laws In Force To GovernSection 93: Repeal And SavingSection 94: Effect Of Inoperativeness Of The Banks And Financial Institutions Ordinance, 2062(2005 )