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41. Defects in appointments not to invalidate acts, etc.

(1) No act or proceeding of the Board or of any committee of the Corporation shall be questioned on the ground merely of the existence of any vacancy or defect in the constitution of the Board or committee.

(2) No act done by any person acting in good faith as a director of the Board shall be deemed to be invalid merely on the ground that he was disqualified to be a director or that there was any other defect in his appointment.

Deposit Insurance and Credit Guarantee Corporation Act, 1961 Back

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