Section 7Section 7

s. 7

7 (1) The Board of the controlling Corporation shall consist of four whole-time directors to be appointed by the Government and not more than five other Directors to be appointed by the Government in such manner as may be prescribed. (2) The Government shall appoint one of the whole time Directors of the controlling Corporation to be the Chairman of its Board. (3) The Chairman and other Directors of the controlling Corporation shall hold office for such period and on such terms and conditions as the Government may determine. (4) The Government may at any time terminate the appointment of the Chairman or any other Director of the controlling Corporation without assigning any reason. (5) The Chairman or any other Director of the controlling Corporation may at any time resign his office by notice in writing addressed to the Government: Provided that no resignation shall take effect until it has been accepted by the Government.