Amendment status not verified — confirm the current text below against the official source.
(1) The board of directors, referred to in Section 20, shall consist of the following, namely: -- (a) all members of the Executive Committee of the Board referred to in sub-section (1) of Section 10; (b) two directors, nominated by the Board in the prescribed manner from among the members of the Board other than those who are members of the Executive Committee of the Board; (c) the representative of the State Bank on the Board; (d) one director to be elected in the prescribed manner by each of the following classes of shareholders of the Central Warehousing Corporation, namely:-- (i) scheduled banks, (ii) co-operative societies, (iii) insurance companies, investment trusts and other financial institutions, and (iv) recognised associations and joint stock companies dealing in agricultural produce; (e) a managing director, appointed by the Board in consultation with the directors referred to in clause (a) to (d). (2) The four directors to be elected under clause (d) of sub-section (1) may, for the first constitution of the board of directors, be nominated by the Central Government in consultation with the Board in such manner as to give representation to each class of institutions (whether they have become shareholders of the Corporation or not) referred to in that clause, but a director so nominated shall hold office only until he is replaced by a director elected as provided in that clause, and the director so elected shall hold office only for so long as the director replaced would have held office had he not been replaced. (3) If, within the period prescribed in this behalf, or within such further period as the Central Government may allow, any class of institutions referred to in clause (d) of sub-section (1) fails to elect a director, the Board may nominate a director to fill the vacancy. (4) The Vice-Chairman of the Board shall be the Chairman of the board of directors. (5) The Vice-Chairman of the Executive Committee of the Board shall be the ViceChairman of the board of directors. (6) The managing director shall -- (a) be a whole-time officer of the Central Warehousing Corporation; (b) perform such duties as the Central Warehousing Corporation may be regulations made under this Act entrust or delegate to him; and (c) receive such salary and allowances as the Central Warehousing Corporation may, with the approval of the Board, fix. (7) The directors of the Central Warehousing Corporation other than a managing director shall be entitled to receive by way of remuneration such sums as the Central Warehousing Corporation may, with the approval of the Board, fix: Provided that no official director shall be entitled to receive any remuneration other than the allowances, if any, admissible to him under the rules regulating his conditions of service. (8) The term of office of, and the manner of filling casual vacancies among, the directors shall be such as may be prescribed.