Section 25
Information Of Director And Record
(1) A Director shall have to submit the details referred to in Section 24 to the bank or financial institution within seven days of his/her appointment.
(2) The bank or financial institution shall separately maintain the records of the details submitted pursuant to Sub-Section (1).
(3) In case a Director or any member of his/her family has substantial ownership of or any type of interests in the bank or financial institution directly or indirectly, such a Director shall provide the full details thereof at the first meeting of the Board of Directors.
(4) A Director shall, in cases where discussions are to be held as a meeting of the Board of Directors or of any other sub-committee on any subject concerning any interests of the Directors concerned, disclose about such interests at the very beginning of the meeting and he/she shall not take part in the discussions or restrain from voting on such subjects.
(5) In cases where there is any change in the details as referred to in Sub-Section (1) or a Director has been changed, information thereof shall be submitted to the Rastra Bank within fifteen days.
(6) The Rastra Bank, if it deems it appropriate to conduct an inquiry into the information forwarded pursuant to Sub-Section (5), shall have the powers to conduct or cause to be conducted inquiry into the same.
(2) The bank or financial institution shall separately maintain the records of the details submitted pursuant to Sub-Section (1).
(3) In case a Director or any member of his/her family has substantial ownership of or any type of interests in the bank or financial institution directly or indirectly, such a Director shall provide the full details thereof at the first meeting of the Board of Directors.
(4) A Director shall, in cases where discussions are to be held as a meeting of the Board of Directors or of any other sub-committee on any subject concerning any interests of the Directors concerned, disclose about such interests at the very beginning of the meeting and he/she shall not take part in the discussions or restrain from voting on such subjects.
(5) In cases where there is any change in the details as referred to in Sub-Section (1) or a Director has been changed, information thereof shall be submitted to the Rastra Bank within fifteen days.
(6) The Rastra Bank, if it deems it appropriate to conduct an inquiry into the information forwarded pursuant to Sub-Section (5), shall have the powers to conduct or cause to be conducted inquiry into the same.