Chapter II — Incorporation, Capital, Management and Business

Section 15: [Omitted.] First constitution of the Central Board

Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026

Section 15 on the first constitution of the Central Board is omitted and served only a transitional establishment function.

Historical / non-operativeOfficial sources mappedProvision-specific decode

Current legal status

Section 15 on the first constitution of the Central Board is omitted and served only a transitional establishment function.

It does not govern current appointment or constitution of the Central Board.

Use today: Current Board composition and appointments are governed by Sections 8 to 13 and relevant regulations/appointments.

Historical reading note

In an exam answer, identify Section 15 as transitional/historical rather than mixing it with the continuing composition rule in Section 8.

Illustration. A present vacancy cannot be filled by invoking the former 'first constitution' provision; the current casual-vacancy and appointment provisions apply.

Compliance points and common mistakes

Do not decide the issue from the heading alone. Map the facts to the operative words of Section 15 and to each relevant subsection, clause, proviso or explanation shown above.
Keep the statutory question separate from the operational overlay. Current Board composition and appointments are governed by Sections 8 to 13 and relevant regulations/appointments.
Do not convert an exception, exemption or discretionary RBI/Government power into an automatic entitlement. Record the authority, conditions and effective date.
Where the provision is historical, omitted or repealed, state that status prominently and do not present it as a current compliance obligation.

Connected provisions and instruments

Section 15 has no universal instrument dependency in this package. Add an RBI circular or direction only when its subject, entity and effective date cover the issue being analysed.

Questions and answers

What is the purpose of Section 15?

[Omitted.] First constitution of the Central Board: Section 15 on the first constitution of the Central Board is omitted and served only a transitional establishment function.

Which statutory limb should be checked first?

Scope - Section 15 on the first constitution of the Central Board is omitted and served only a transitional establishment function.

What is the next legal boundary?

Operative limb - It does not govern current appointment or constitution of the Central Board.

What record should support the conclusion?

Section 15 file evidence: In an exam answer, identify Section 15 as transitional/historical rather than mixing it with the continuing composition rule in Section 8.

Primary sources

Source control for Section 15: use the official consolidated RBI Act for the statutory text and footnotes, then separately reconcile any post-Finance Act 2022 amendment, commencement notification or RBI instrument relevant to the event date.