Section 8Section 8

s. 8

8 (1) The Board of a subsidiary Corporation shall consist of five whole-time Directors to be appointed by the controlling Corporation with the prior approval of the Government. (2) The controlling Corporation shall appoint one of the Directors of a subsidiary Corporation to be the Chairman of the Board of that Corporation. (3) The Chairman and other Directors of a subsidiary Corporation shall hold office for such period and on such terms and conditions as the controlling Corporation may, with the approval of the Government, determine. (4) The controlling Corporation may, at any time, with the prior approval of the Government, terminate the appointment of the Chairman or any other Director of a subsidiary Corporation without assigning any reason. (5) The Chairman or any other Director of a subsidiary Corporation may, at any time, resign his office by notice in writing addressed to the controlling Corporation: Provided that no resignation shall take effect until it has been accepted by the controlling Corporation.