(1) Not more than thirty nor less than ten days before the appointed day, the Minister shall appoint a time and place (in this section referred to as the appointed time and place) for the meeting of representatives of the Associated Banks for the election of the panel from which the first banking Directors are to be appointed.
(2) The Minister shall cause every Associated Bank to be informed in writing of the appointed time and place.
(3) Every Associated Bank may cause one, and only one, representative nominated by it in that behalf to attend at the appointed time and place, and the several such representatives who attend at that time and place shall then or within three days thereafter elect, in accordance with the Rules contained in the Second Schedule to this Act, a panel of six persons eligible and willing to act as banking Directors, and shall forthwith communicate to the Minister in accordance with the said Rules the names of the six persons so elected.
(4) If a panel is du