Banking Regulation Act, 1949 — back to Table of Contents
Section 45V. References to directors, etc., shall be construed as including references to past directors, etc.
For the removal of doubts, this section clarifies that wherever this Part refers to a director, manager, liquidator, officer or auditor of a banking company, that reference covers any person who has held, or currently holds, that position. In other words, a reference to a “director” is not limited to a person presently serving as director — it also captures anyone who served as director in the past, and likewise for managers, liquidators, officers and auditors.
This ensures that provisions in Part IIIA dealing with liability, examination or accountability of such persons cannot be defeated merely because the individual concerned has since ceased to hold office.
Note: Part IIIA was inserted by the Banking Companies (Amendment) Act, 1953.
