Amendment status not verified — confirm the current text below against the official source.
(1) With effect from such date as the Central Government may, by notification in the Official Gazette, fix in this behalf, there shall be established at New Delhi a Corporation by the name of the Co-operative Development and Warehousing Board which shall be a body corporate having perpetual succession and a common seal with power to acquire, hold and dispose of property and to contract, and may, in the said name, sue and be sued. (2) The Board shall consist of the following members, namely: -- (i) ten members representing the Central Government, to be nominated by that Government in such manner as may be prescribed; (ii) the Chairman of the Forward Markets Commission established under the Forward Contracts (Regulation) Act, 1952 (Act 74 of 1952), ex-officio; (iii) one representative of the Reserve Bank, nominated by the Central Government; (iv) one representative of the State Bank, nominated by the Central Government; (v) nine non-officials, nominated by the Central Government, of whom-- (a) one shall be a person who has special knowledge of rural economics; and (b) four shall be persons who have experience of co-operative societies, one being a person who has also special knowledge of co-operative education. (3) A member of the Board nominated by the Central Government may be nominated by virtue of office. (4) There shall be a Chairman and a Vice-Chairman of the Board who shall be chosen from among the members of the Board in such manner as may be prescribed.