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Section 10: Disqualifications of Directors and members of Local Boards
SECTION 10… [Provided that when the Governor is, for any reason, unable to attend any such meeting, a Deputy Governor authorised by him in this behalf in writing may vote for him at that meeting.] (4) The Governor and a Deputy Governor shall hold office for such term not exceeding five years as the Central Government may fix when appointing them, and shall be eligible for re-appointment. A Director nominated under clause (c) of sub-section (1) shall hold office for a period of four years and shall be eligible for reappointment: Provided that any such Director shall not be appointed for more than two terms, that is, for a maximum period of eight years either continuously or intermittently. A Director nominated under clause (d) of sub-section (1) shall hold office during the pleasure of the Central Government. (5) No act or proceeding of the Board shall be questioned on the ground merely of the existence of any vacancy in, or any defect in the constitution of, the Board. (6) [Omitted by Act 18 of 1964]. (7) A retiring Director shall be eligible for re-nomination.
Source: official text of The Reserve Bank of India Act, 1934 as published on India Code (PDF). All sections of the Reserve Bank of India Act, 1934.