October 5, 2020 | Investopaper
Nepal Bank has reduced the number of directors nominated by the government and increased the number of directors elected on behalf of the general shareholders. The special general meeting of the bank held on Monday has amended the provision regarding the representation of the directors.
The special general meeting organized by the Nepal Bank Limited in the head office and through video conference / webinar has amended the relevant section of the rules to reduce the number of directors from four to three nominated by the Government of Nepal and increase from two to three directors elected by the general shareholders.
In addition, the meeting also passed a proposal to amend the MOA and AOA as per the Banking and Financial Institutions Act, 2073 BS. The meeting has also passed a proposal to give authority to the Board of Directors to make necessary changes in the proposed amendment to the AOA and MOA if any change is suggested by the regulatory bodies.