10. Vacation and resignation of office by directors.- (1) If a director-- (a) becomes subject to any of the disqualifications mentioned in section 9; or (b) is absent without leave of the Board for more than three consecutive meetings thereof, his seat shall thereupon become vacant. (2) Any director may resign his office by giving notice thereof in writing to the Central Government, and on his resignation being accepted by the Central Government or if his resignation is not sooner accepted, on the expiry of three months from the receipt thereof by the Central Government, he shall be deemed to have vacated his office.
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