State Agricultural Credit Corporation Act,1968

Act No : 60

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Section : Constitution of Board.

9. Constitution of Board. The Board of directors of the Corporation shall consist of the following, namely:- (a) one directors to be nominated by the Central Government who shall be the Chairman of the Board; (b) two directors nominated by the appropriate Government, one of whom shall be a person who has special knowledge of co-operation and who is not an employee of the Central or State Government or of the Reserve Bank, State Bank, subsidiary bank, 1*[corresponding new bank,] banking company, or Food Corporation; (c) one director to be nominated by the Reserve Bank; (d) two directors to be elected in such manner as may be prescribed by the parties subscribing for shares in pursuance of the provisions of clause (d) of sub- section (3), and sub-section (5) of section 5; ---------------------------------------------------------------------- 1. Ins. by Act 5 of 1970, s. 20 (w.e.f. 19-7-1969). 172 (e) a managing director, to be appointed by the Central Government and, except in the case of first appointment, after consultation with the Board: Provided that, in appointing a managing director of a Corporation established in a State, the Central Government may also consult the Government of that State.

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