Section 25: Information of Director and Record

1) A Director shall have to submit the details referred to in sub-section (1) of Section 24 to the bank or financial institution within seven days of his/her appointment.

2) The bank or financial institution shall have to separately maintain records of the details submitted pursuant to sub-section (1).

3) In case a Director or any member of his/her family acquires any substantial ownership or any type of interest in the bank or financial institution directly or indirectly, such Director shall have to present full details thereof at the first meeting of the Board of Directors.

4) The Director shall, while conducting discussions on any subject related to any interests in the Board of Directors or in any other sub-committee, have to inform about such interests at the beginning of the meeting and he/she shall not take part in the discussions or voting on such subjects.

5) In case there is a change in the details as referred to in sub-section (2) or Director has been changed, information thereof has to be submitted to the Rastra Bank within 15 days.

6) The Rastra Bank, if it deems it appropriate to conduct an inquiry on the information forwarded pursuant to sub-section (5), shall have powers to conduct or cause to be conducted inquiry on it.