Amendment status not verified — confirm the current text below against the official source.
Term of office and conditions of service of the directors.- (1) All directors including the Chairman and the Managing Director shall hold office during the pleasure of the Government. (2) Any director may, by writing addressed to the Government, resign his office and such resignation takes effect when accepted by Government. 11 (3) The conditions of service of the directors shall be such as may be prescribed. (4) Any vacancy in the office of the directors may be filled by Government by appointing a person possessing the appropriate qualification specified in section 4.