The Constitution of the Board of the Bank is governed by The Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970, formulated by the Central Government, after consultation with the Reserve Bank of India, in exercise of the powers conferred by section 9 of The Banking Companies (Acquisition and Transfer of Undertakings) Ac, t 1970.
The Composition of the Board of Directors of a Bank is governed by The Nationalised Banks (Management and Miscellaneous Provisions) Scheme 1970 read with The Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act 2006 and amendment to the vide Extraordinary Gazette Notification dated 19.02.2007 of the Central Government.
In terms of The Banking Companies (Acquisition and Transfer of Undertakings Act 1970, the General Superintendence, Direction and Management of the affairs and business of the Bank vests in the Board of Directors which is entitled to exercise all such powers and do all such acts and things as the Bank is authorized to exercise and do.
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