The Industrial Finance Corporation Act, 1948
10. Board of Directors.
The Board of Directors shall
consist of the following, namely:-
- 2*[a Chairman and a Managing
director to be appointed by the Central Government after consultation with the
Development Bank
Provided that the same person
may be appointed to function both as Chairman an das Managing Director;]
aa four
Directors nominated by 3*[the Development Bank];]
- two Directors nominated by
4*[the Central Government];
bb 5*[one
Director nominated by the Reserve Bank;"]
- two Directors elected in the
prescribed manner by the scheduled banks who are shareholders of the
Corporation;
- two Directors elected in the
prescribed manner by the shareholders of the Corporation, other than 6*[the
Development Bank], the scheduled banks and co-operative banks;
- two Directors elected in the
prescribed manner by the co-operative banks who are shareholders of the
Corporation.7* * * * * *
- S. 10 re-numbered as
subsection (1) of that section by Act 78 of 1952, s.3.
- Subs. by Act 50 of 1986, s.
4 (w.e.f. 2-2-1987).
- Subs. by Act 18 of 1964 s.
38 and Sch. II, for "the Central Government" (w.e.f. 1-8-1964).
- Subs. by s. 38 and Sch. II,
ibid., for "the Central Board of the Reserve Bank" (w.e.f. 1-8-1964).
- Ins. by Act 50 of 1986, s. 4
(w.e.f. 2-2-1987).
- Subs. by Acy 18 of 1964 s.
38 and Sch. II, for "the Central Government, the Reserve Bank" (w.e.f.
1-8-1964).
- Cls. (f) and (g) and
provisos omitted by Act 28 of 1955, s. 7.43.1*[(2) On the date appointed
under sub-section (1) of section 4A, the Directors holding office under
clause (aa) or clause (b)immediately before the said date shall be deemed to have vacated their
offices as such.]
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