Question
Under Section 50 of the RBI Act, 1934, the auditors
appointed by the Central Government hold office for such term not exceeding what period, and are eligible for re-appointment?Solution
Section 50(1) provides that not less than two auditors shall be appointed, and their remuneration fixed, by the Central Government. Under Section 50(2), the auditors shall hold office for such term not exceeding one year as the Central Government may fix while appointing them, and shall be eligible for re-appointment. This section was substituted by Act 62 of 1948. The maximum term for which the auditors hold office is one year.
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