The notification define an ‘ineligible director’ as one not meeting criteria under Section 10-A(2) of the Banking Regulation Act. A new Rule 5-A prescribes the procedure for determining, by drawing of lots, which ineligible directors or persons will cease to hold office or be removed from the Board, with the Reserve Bank authorized to oversee the process and allow the cooperative bank to nominate a representative. Rule 11 is omitted, and reporting dates in FORM I and FORM IX are revised to the 15th and last day of the month.