Industrial Reconstruction Bank of India Act,1984
Act No : 62
Section :
Power of Reconstruction Bank to appoint directors or administrators ofan industrial concern when management thereof is taken over.
42. Power of Reconstruction Bank to appoint directors or administrators of an industrial concern when management thereof is taken over. (1) When the management of an industrial concern is taken over by the Reconstruction Bank, that Bank may, by order, notified in the Official Gazette, appoint as many persons as it thinks fit,-- (a) in any case in which the industrial concern is a company, as defined in the Companies Act, 1956 (5 of 1986) to be the directors of that industrial concern; or (b) in any other case, to be the administrator of that industrial concern. (2) The power to appoint directors or administrators under this section includes the power to appoint any individual, firm or body corporate to be the manager of the industrial concern on such terms and conditions as the Reconstruction Bank may think fit. (3) For the removal of doubts, it is hereby declared that the power to appoint directors, administrators or managers includes the power to remove or replace the person so appointed. 576 (4) Nothing in the Companies Act, 1956 (1 of 1956) or in any other law for the time being in force or in any instrument relating to the industrial concern shall, in so far as it makes, in relation to a director, any provision for the holding of any share qualification, age limit, restriction on the number of directorships, retirement by rotation or removal from office, apply to any director appointed by the Reconstruction Bank under this section.
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