Section 6Appointment and terms of office of Directors

s. 6

6. Appointment and terms of office of Directors (1) The Board shall consist of not more than five Directors including Chairman to be appointed by the Government. (2) Each Director shall:- (a) be a wholetime officer of the Corporation; (b) perform such duties as the Board may by regulations assign to him; (c) divest himself of any directorship or other interest held by him in any Corporation, company or concern other than companies sponsored by the Corporation under sub-section (2) of section 14 before assuming office as Director; (d) hold office for a term of three years unless sooner removed or transferred by the Government and may be appointed thereafter for a further term or terms of such duration as the Government may in appointing him thereafter, determine; and (e) receive such salary and allowances as the Government may determine: Provided that the Government may in exceptional circumstances where it considers 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 operation of clauses (a) and (c) of this sub-section.