Amendment status not verified — confirm the current text below against the official source.
(1) The Board of Directors shall consist of the follow- Directors ing, na mely;— (a) No t less than one half of the total nu mbe r of Directo rs to be nominated by the State Go vern ment. (b) The remaining nu mbe r of Directors to be elected at the an nu al general meetin g, in the man ne r pre scribed. (c) A Cha irm an to be elected from am ong them selves by the Directo rs in the man ne r prescribed, who shall be known as the Ch airm an of the Cor po ratio n : Pr ov ided th at on the first constitution of the Board, the Directo rs referred to in clause (b) an d the Cha irm an refer red to in clause (c) shall also be no minated by the State Go vernment an d the Directo rs an d Cha irm an so nominated shall, for the purpose of this Act, be deemed to be duly elec ted: Provided furthe r th at the Directors an d Cha irman so no minated shall ho ld office un til the conclusion of the first an nual general meeting of th e Co rporation. (2) As soon as may be possible after a Corpo ratio n is registered un de r sub-sections (3) and (4) of Section 4, the State Gov ernm ent shall no minate the Directors and Cha ir man of the Co rporation. (3) The nu mbe r of members of a Boa rd of Directors shall be as prescribed in the Mem oran du m. Te rm of office and retirement of Directors. Directors nominated office du ring the