[Section 416 notified w.e.f. 01.06.2016 vide Notification No. S. O. 1934 (E) dated 01.06.2016]
Section 416- Resignation of Members. [Corresponds to Section 10FI, 10FU of the Companies Act, 1956]
The President, the Chairperson or any Member may, by notice in writing under his hand addressed to the Central Government, resign from his office:
Provided that the President, the Chairperson, or the Member shall continue to hold office until the expiry of three months from the date of receipt of such notice by the Central Government or until a person duly appointed as his successor enters upon his office or until the expiry of his term of office, whichever is earliest.