(1) The office of a member
nominated pursuant to Clauses (b) and (h) of Sub-section 2 of Section 11
shall deem vacant in any of the following circumstance;
(a) if he/she dies;
(b) If his/her tenure of office expires;
(c) If he/she resigns;
(d) If he/she, without any information, absents from Three
consecutive meetings of the Committee.
(e) if a resolution, submitted by a member of the
committee against him/her accusing that he/she has
committed an act against the objectives of this Act or
has been inactive to perform the business or has not
cooperated to perform the business or has committed
an act which causing loss or damage to the Fund or has
acted against the policy and direction of the Fund or
committees, is passed by more than Fifty percent
members of the total Members of the Committee.
(2) The procedures related to the submission of resolution,
discussion and voting upon the resolution for the purpose of the Clause (e)
of Sub-section (1) shall be as prescribed by the Committee.