Section 6: Appointment and term of office of Directors

6. Appointment and term of office of Directors.___(1) The Board shall consist of such number of Directors, not less than three and not more than five, as may be appointed by the Government. (2) Each Director shall___ (a) be a whole-time officer of the Corporation; 1[(b) Subject to the provisions of sub-section (3), perform under the general supervision and control of the Chairman such duties as may be assigned to him by the Chairman;] (c) divest himself of any directorship or other interest held by him in any other Corporation, company or concern other than public companies sponsored by the Corporation under sub-section (5) of section 15 before assuming office as Director; (d) subject to the provisions of section 9, hold office for a term of three years and may be appointed thereafter for a further term or terms of such duration as the Government may, in appointing him thereto, determine; and (e) receive such salary and allowances as the Government may determine: Provided that the Government may, in exceptional circumstances where it considers it necessary to do so in the public interest, exempt, by a special order, any person, who has been appointed or is about to be appointed a Director, from the application of clause (a) and (c). (3) One of the Directors appointed under sub-section (1) shall be the Financial Director, who shall exercise such powers and discharge such duties as may be prescribed.

Effective date: 1962-01-01

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