(a) in sub-section (1), the words ", vice-chairman" shall be omitted;
(b) in sub-section (1A), the word ", vice-chairman", occurring at both the places, shall be omitted;
(c) in sub-section (3A), the words "and thereafter until his successor shall have been duly appointed or nominated", shall be omitted.
In section 21 of the principal Act,-
(a) in sub-section (1) -
(i) for clause (a), the following clause shall be substituted, namely: -
(a) the chairman, ex officio or the managing director nominated by the chairman;
(ii) in clause (c), the words "in consultation with the Reserve Bank" shall be omitted;
(b) in sub-section (5), for the words "Governor of the Reserve Bank", the words "Central Government" shall be substituted.
For section 21B of the principal Act, the following section shall be substituted, namely:-
21B. Powers of Local Board.-
In respect of the area falling within the jurisdiction of the local head office for which the Local Board has been constituted, a Local Board shall, subject to such general or special direction as the Central Board may give from time to time, exercise such powers and perform such duties and functions as may be entrusted or delegated to it by the Central Board.
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