The Industrial Finance Corporation Act, 1948
11. Term of office and retirement of Directors.
- A nominated
Director shall hold office during the pleasure of 2*[the authority appointing him].
- An elected Director shall hold
office for 3*[three years]:
Provided that one out of the two Directors elected to represent the
shareholders referred to in each of the clauses (c), (d) and (e)
of section 10 shall retire at the end of two years after the first election;
the Directors so to retire shall be determined by lot:
Provided further that an elected Director shall be required to continue in his
office until his successor has been elected:
Provided further that 4*[such] a Director shall be eligible for re-election for
not more than two full consecutive terms after the rotation of elected
Directors has begun.
- A casual vacancy in the office
of an elected Director shall be filled by election and a Director so elected
shall hold office for the unexpired portion of the term of his predecessor:
Provided that no casual vacancy occurring within 5* [six months]
of the date of expiry of the normal term of office of an elected
Director need be filled under this sub-section.
- 6*[Directors shall be paid such fees as may be prescribed for attending the
meetings of the Board and, if they are members of 7*[any
Committee] appointed by the Corporation, for attending meetings of such
Committee:
Provided that nothing in this sub-section shall apply to the
Chairman 8*[,Managing Director] or to any other Director who is a servant of
the Government 9*[or of the Development Bank].]
- No act or proceeding of the
Board shall be questioned on the ground merely of the existence of any vacancy
in, or any defect in the constitution of, the Board.
- The words "or the Central
Committee" omitted by Act 74 of 1972, s. 4.2. Subs. by Act 78 of 1952, s.
- for "the Central
Government".
- Subs. by Act 50 of 1986, s. 6 (w.e.f. 2-2-1987).
- Ins. by Act 78 of 1952 s. 4.5. Subs. by Act 2 of 1982, s. 5 (w.e.f.
12-3-1982).
- Subs. by Act 66 of 1960, s.
4. for sub-section (4).
- Subs. by Act 74 of 1972, s.
5, for "the Central Committee or any other Committee".
- Ins. by Act 50 of 1986 s. 6 (w.e.f. 2-2-1987).
- Ins. by Act 18 of 1964, s. 38 and Sch. II (w.e.f 1-8-1964).
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