Appointment of trustee for depositors

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..... inted one or more trustees for depositors for creating security for the deposits: Provided that a written consent shall be obtained from the trustee for depositors before their appointment and a statement shall appear in the circular or circular in the form of advertisement with reasonable prominence to the effect that the trustees for depositors have given their consent to the company to be .....

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..... secured by the deposits or interest thereon; (e) is related to any person specified in clause (a) above. (4) No trustee for depositors shall be removed from office after the issue of circular or advertisement and before the expiry of his term except with the consent of all the directors present at a meeting of the board. Provided that in case the company is required to have independent di .....

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