378Q. Vacation of office by directors
378Q. Vacation of office by directors.— (1) The office of the director of a Producer Company shall become vacant if,—
he is convicted by a court of any offence involving moral turpitude and sentenced in respect thereof to imprisonment for not less than six months;
the Producer Company, in which he is a director, has made a default in repayment of any advances or loans taken from any company or institution or any other person and such default continues for ninety days;
he has made a default in repayment of any advances or loans taken from the Producer Company in which he is a director;
the Producer Company, in which he is a director—
has not filed the annual accounts and annual return for any continuous three financial years; or
has failed to, repay its deposit or withheld price or patronage bonus or interest thereon on due date, or pay dividend and such failure continues for one year or more;
default is made in holding election for the office of director, in the Producer Company in which he is a director, in accordance with the provisions of this Act and articles;
the annual general meeting or extraordinary general meeting of the Producer Company, in which he is a director, is not called in accordance with the provisions of this Act except due to natural calamity or such other reason.
The provisions of sub-section (1) shall, as far as may be, apply to the director of a Producer Institution which is a member of a Producer Company.
Amendment notes (1)
- Ins w.e.f. 11-2-2021 . Ins. by Act 29 of 2020, s. 52 (w.e.f. 11-2-2021).