Industrial Reconstruction Bank of India Act,1984
Act No : 62
Section :
Board of directors.
10. Board of directors.- (1) The Board shall consist of the following, namely:-- (a) a Chairman, to be appointed by the Central Government, who shall function both as the Chairman and as the managing director; (b) a Deputy Governor of the Reserve Bank, to be nominated by that Bank; (c) a director, to be nominated by the Development Bank; (d) not more than fifteen directors to be nominated by the Central Government, of whom-- (i) three shall be officials of the Central Government, (ii) not more than three shall be from the public financial institutions, (iii) not more than five shall be from the State Bank, nationalised banks and the State Financial Corporations, (iv) not more than four shall be from among persons who have, in the opinion of the Central Government, special knowledge of, and professional experience in, science, technology, economics, industry, industrial co-operatives, law, industrial finance, investment, accountancy, marketing or any other matter, the special knowledge of, or professional experience in, which would in the opinion of the Central Government, be useful to the Reconstruction Bank. (2) A director nominated under sub-section (1) shall hold office during the pleasure of the authority nominating him. 1*[(3) Subject to the provisions of sub-section (2), a director nominated under clause (c) or clause (d) of sub-section (1) and not being an official of Government or not being an official or wholetime director of the Development Bank or a public financial institution or the State Bank or a nationalised bank or a State Financial Corporation, shall hold office for such term, not exceeding three years, as the authority nominating him may specify in this behalf and thereafter until his successor enters upon his office, and shall be eligible for re-nomination: Provided that no such director shall hold office continuously for a period exceeding six years.] --------------------------------------------------------------------- 1. Ins. by Act 66 of 1988, s.47 (w.e.f. 30.12.1988). 559
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