Section 14: Constitution of the Central Board

114. Constitution of the Central Board.___(1) The Central Board shall consist of the following Directors, namely:___ (a) the Managing Director appointed by the 2[Federal Government] under section 16; 3[(b) four Directors elected in local or special local meetings by the shareholders in such manner that the shareholders registered in a branch register maintained for an area mentioned in sub-section (5) of section 8 shall elect from amongst themselves such number of Directors for that area as may be decided before election by the Central Government having regard to the proportion which the share capital subscribed by the shareholders of that area bears to the whole: Provided that the Federal Government may, at any time, by order in writing, direct that, for such period as may be specified in the order, no Director Shall be elected for any area so specified, and, where it makes such an order, shall allocate to the other areas the seats of the Directors who would have been elected for that area had no such order been made;] 4[(c) Five Directors appointed by the Federal Government:] (2) The 4[Chairman] of the Central Board shall be appointed by the 5[Federal Government] from amongst the Directors.

Effective date: 1949-01-01

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