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4[45A. Arrangement with National Housing Bank on appointment of directors to prevail.-

(1) Where any arrangement entered into by the National Housing Bank with a housing finance institution which is a company provides for the appointment by the National Housing Bank of one or more directors of such housing finance institution, such provision and any appointment of directors made in pursuance thereof shall be valid and effective notwithstanding anything to the contrary contained in the 5[Companies Act, 2013 (18 of 2013)] or in any other law for the time being in force or in the memorandum, articles of association or any other instrument relating to that housing finance institution, or any provision regarding share qualification, age limit, number of director-ships, removal from office of directors and such like conditions contained in any such law or instrument aforesaid, shall not apply to any director appointed by the National Housing Bank in pursuance of the arrangement as aforesaid.

(2) Any director appointed as aforesaid shall-

(a) hold office during the pleasure of the National Housing Bank and may be removed or substituted by any person by order in writing of the National Housing Bank;

(b) not incur any obligation or liability by reasons only of his being a director or for anything done or omitted to be done in good faith in the discharge of his duties as a director or anything in relation thereto;

(c) not be liable to retirement by rotation and shall not be taken into account for computing the number of directors liable to such retirement.]

1. The words "without prejudice to the provisions of section 54AA of the Reserve Bank of India Act, 1934 (2 of 1934)" omitted by Act 13 of 2018, s. 175 (w.e.f. 1-6-2018).

2. Ins. by Act 15 of 2000. s. 22(w.e.f. 12-6-2000).

3. Ins. by Act 30 of 2005, s. 34 and the Schedule (w.e.f. 14-10-2006).

4. Ins. by Act 15 of 2000, s. 23 (w.e.f. 12-6-2000).

5. Subs. by Act 13 of 2018, s. 176, for "Companies Act, 1956 (1 of 1956)" (w.e.f. 1-6-2018).

National Housing Bank Act, 1987 Back

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