Section 12: Board

12. Board.__ (1) The Board shall consist of the following Directors, namely:__ (a) the Chairman to be appointed by the 1[Federal Government]; (b) four persons to be appointed by the 1[Federal Government] of whom two shall be from amongst persons serving under the 1[Federal Government] and two from amongst the shareholders; (c) five persons to be elected by the shareholders in such manner as may be laid down in the regulations ; and (d) the Managing Director to be appointed by the 1[Federal Government]: Provided that the 1[Federal Government] may, if it so considers expedient, increase by two the number of the Directors to be appointed by it: Provided further that in constituting the Board for the first time, the 1[Federal Government] shall appoint five Directors in place of the Directors required to be elected under clause (c). (2) Save as provided in sub­section (2) of section 13 in respect of the Chairman, and in sub­ section (2) of section 14 in respect of the Managing Director a Director appointed by the 1[Federal Government] shall hold office during its pleasure. (3) A Director elected under clause (c) of sub­section (1) shall hold office for a term of three years and shall continue in office thereafter until his successor is elected and shall also be eligible for re­election: Provided that such Director may be removed before the expiration of his term by a special resolution passed by the vote of such shareholders as hold more than half of the shares of the Corporation. (4) A casual vacancy in the office of an elected Director shall be filled by election and the person elected to fill such vacancy shall hold office for the unexpired period of the term of his predecessor: Provided that it shall not be necessary to fill a vacancy for a period not exceeding three months.

Effective date: 1966-01-01

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