law: Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970  
  15.Certain defects not to invalidate acts or proceedings.- 
  (1) All acts done by the Custodian, acting in good faith, shall,
  
  notwithstanding any defect in his appointment or in the procedure, be valid.
  (2) No act or proceeding of any Board of Directors or a local
  
  board or committee of a corresponding new bank shall be invalid merely on the
  
  ground of the existence of any vacancy in, or defect in the constitution, of,
  
  such board or committee, as the case may be.
  (3) All acts done by a person acting in good faith as a director
  
  or member of a local board or committee of a corresponding new bank shall be
  
  valid, notwithstanding that it may afterwards be discovered that his
  
  appointment was invalid by reason of any defect or disqualification or had
  
  terminated by virtue of any provision contained in any law or the time being in
  
  force:
  Provided  that nothing in this section shall be deemed
  
  to give validity to any act by a director or member of a local board or
  
  committee of a corresponding new bank after his appointment has been shown to
  
  the corresponding new bank to be invalid or to have terminated.