Unit Trust of India Act,1963
Act No : 52
Section :
Board of trustees.
10. Board of trustees. The Board of trustees shall consist of the following, namely:- (a) the Chairman to be appointed by the 1*[Central Government in consultation with the Development Bank]; 2*[(aa)one trustee to be nominated by the Reserve Bank;] (b) four trustees to be nominated by the 1*[Development Bank], of whom not less than three shall be persons having special knowledge of, or experience in, commerce, industry, banking, finance or investment; (c) one trustee to be nominated by the Life Insurance Corporation; (d) one trustee to be nominated by the State Bank; ---------------------------------------------------------------------- 1. Subs. by Act 52 of 1975, s. 47, for "Reserve Bank" (w.e.f. 16-2- 1976). 2. Ins. by s. 47, ibid., (w.e.f. 16-2-1976). 150 (e) two trustees to be elected in the prescribed manner by the contributing institutions referred to in clause (d) of sub-section (2) of section 4; and (f) an executive trustee to be appointed by the 1*[Development Bank]: Provided that if the appointment of the Chairman is whole-time, it shall not be necessary to appoint an executive trustee: Provided further that on the first constitution of the Board, the trustees referred to in clause (e) shall be nominated by the Reserve Bank and shall hold office for a period of twelve months from the date of their nomination or until two trustees are elected under the said clause, whichever may be earlier.
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