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22 1942

CENTRAL BANK ACT, 1942

SECOND SCHEDULE.

Rules for the Elections of Panels for the Appointment of Banking Directors.

Rules applicable to every case.

1.—In this Schedule the word “representative” means a representative of an Associated Bank present at a meeting for the election of a panel, and the word “meeting” means a meeting of representatives to elect a panel.

2.—The representatives shall elect one of their number to be the chairman of the meeting and such chairman shall conduct the proceedings at the meeting, but shall not have any second or casting vote.

3.—Save as is otherwise provided by these Rules, all questions arising at the meeting shall be decided by the vote of the majority of the representatives.

4.—The meeting may be adjourned from time to time but shall not be adjourned to a time later than three days after the time appointed under this Act for the meeting.

5.—At the conclusion of the election the chairman shall prepare a statement in writing setting forth the names of the representatives and the names of the banks they respectively represented and the names, addresses, and descriptions of the persons forming the panel elected at the meeting, and such statement shall then be signed by the chairman and at least one-third of the other representatives and shall be sent by the chairman to the Minister in accordance with this Act.

Rules applicable to the election of the panel for the first banking Directors.

6.—Every representative may nominate six candidates and no more for election.

7.—The election shall be by rounds and on each round every representative shall have six votes but may not, in any one round, give more than one vote to any one candidate.

8.—On the first round, all the candidates shall be voted on and, subject to Rules Nos. 11 and 12 of these Rules, any candidate who on such round receives a number of votes exceeding half the number of representatives present shall be elected and the six (or such lesser number as the chairman shall fix) candidates who receive the least number of votes shall be eliminated.

9.—On the second round, all the candidates except those elected or eliminated on the first round shall be voted on and, subject to Rules Nos. 11 and 12 of these Rules, any candidate who on such round receives a number of votes exceeding half the number of representatives present shall be elected and the six (or such lesser number as the chairman shall fix) candidates who receive the least number of votes shall be eliminated.

10.—The third and every subsequent round shall be conducted in a similar manner.

11.—If on any round, by reason of an equality of votes amongst the candidates who receive the least number of votes, it is not possible to eliminate six (or the lesser number fixed by the chairman) of the candidates, the chairman shall determine how many and which candidates are to be eliminated on that round.

12.—If on any round a greater number of candidates than the number required to be elected receive a number of votes exceeding half the number of representatives present, the chairman shall determine how many candidates, if any, shall be elected on that round

13.—The election shall be continued until the full panel of six persons has been elected.

Rules applicable to the election of the panel for banking Directors other than the first such Directors.

14.—Where a panel of three persons is to be elected, the foregoing Rules Nos. 6 to 13 (inclusive) shall apply and have effect as if they were here repeated with the substitution of the number “three” for the number “six” wherever the latter number is mentioned in those Rules.

15.—Where a panel of five persons is to be elected, the foregoing Rules Nos. 6 to 13 (inclusive) shall apply and have effect as if they were here repeated with the substitution of the number “five”for the number “six” wherever the latter number is mentioned in those Rules.

16.—Where a panel of six persons is to be elected, the foregoing Rules Nos. 6 to 13 (inclusive) shall apply and have effect as if they were here repeated without modification.