16

BANK OF KHYBER ACT, 1991 BANK OF KHYBER ACT, 1991 [ACT No. XIV of 1991] [Gazette of N.‑W.F.P. Extraordinary, 20th, June, 1991] An Act to establish the Bank of Khyber in the North‑West Frontier Province 16. Vacancies. (1) Any vacancy occurring on the Board by the death, resignation, removal or disqualification of any Director shall be filled by the remaining Directors, who shall co -opt a duly qualified person to fill in the vacancy: Provided that where a vacancy occurs in the office of a Director appointed by the Government, the vacancy shall be filled only by appointment by the Government. (2) Any Director so appointed shall be deemed to have held office from the date on which the Director in whose place he is appointed was appointed, or, when such Director was co- opted or appointed under sub‑section (1), from the date on which his immediate predecessor was appointed, as the case may be. (3) Any Director co‑opted under sub‑section (1) shall retire at the next [Subs. for "general meeting, as the case may be, by N.‑W.F.P. Act, 9 of 1996, S. 7.] [election of Directors] and the vacancy so occurring on the Board shall be filled by election as provided under this Act.