Amendment status not verified — confirm the current text below against the official source.
[(1) The general superintendence, direction and management of the affairs and business of the Development Bank shall vest in a Board of Directors which may exercise all powers and do all such acts and things, as may be exercised or done by the Development Bank and are not by this Act expressly directed or required to be done by the Development Bank in general meeting. (2) The Board may direct that any power exercisable by it under this Act shall also be exercisable in such cases and subject to such conditions, if any, as may be specified by it, by the chairman, managing director or the whole-time director.] (3) Subject to the provisions of this Act, the Board in discharging its functions shall act on business principles with due regard to public interest. [x x x x] Subs. by Act 5 of 1995, sec. 6, for sub-sections (1) and (2) (w.r.e.f. 12/10/1994). Earlier sub-section (2) was subs. by Act 52 of 1975, sec. 6 (w.e.f. 16/02/1976). Sub-section (4) ins. by Act 52 of 1975, sec. 6 (w.e.f. 16/02/1976) and omitted by Act 5 of 1995, sec. 6 (w.r.e.f 12/10/1994).