Amendment status not verified — confirm the current text below against the official source.
Management.- (1) The general superintendence, direction and management of the affairs and business of the Corporation shall vest in a board of directors which may exercise all such powers and do all such acts and things as may be exercised or done by the Corporation under this Act. (2) The Board of directors in discharging its functions shall act having regard to public interest, welfare of 2[scheduled castes and scheduled tribes] and solvency of the Corporation and shall be guided by such instructions on questions of policy as may be given to it by the State Government. (3) If any doubt arises as to whether a question is or is not a question of policy the decision of the State Government thereon shall be final. 3[7. Board of directors.- (1) The Board shall consist of sixteen directors who shall be nominated by the State Government. Provided that not less than two directors shall be nominated from amongst the officers serving the State Government in the Department of Welfare and the remaining shall be nominated from amongst the persons who have special knowledge of industries, handicrafts, animal husbandry, agriculture, agro-Industries, water development projects, finance, co-operation or financial institutions: Provided further that not less than two directors shall be non-official, belonging to scheduled caste and at least one director shall be non-official belonging to the scheduled tribes. 4[(2) The State Government shall nominate out of the directors, appointed under sub-section (1), the Chairman and the Vice-Chairman of the Corporation.]; 1 . The words “ten crores” substituted for the words “five crores”. vide H.P. Act No. 8 of 1984, the words “twenty crores” substituted for the words “ten crores” vide H.P. Act No. 16 of 1991, the words “thirty crores” substituted for the words “twenty crores” vide H.P. Act No. 19 of 1998, the words “forty crores” substituted for the words “thirty crores” vide H.P. Act No. 16 of 2004, again and again the words “sixty crores” substituted for the words “forty crores” vide H.P. Act No. 11 of 2008.