(1) When the Minister has received from every Bank mentioned in the Third Schedule to this Act an application and payment in accordance with this Act for admission to be one of the first Shareholding Banks or the period limited by this Act for making such applications has expired (whichever shall first happen), 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 first Shareholding Banks for the election of the first elected Commissioners and shall notify in writing every such Bank of the time and place so appointed.
(2) Any of the first Shareholding Banks may cause one and only one representative nominated in that behalf by it to attend at the appointed time and place, and the several such representatives who attend at such time and place shall then or within three days thereafter elect in accordance with the Rules contained in the Fourth Schedule to this Act three eligible persons will