Amendment status not verified — confirm the current text below against the official source.
Term of office of the Directors.—(1) A Director appointed under sub-section (3) of section 6 shall hold office for a period of three years. (2) Notwithstanding anything contained in section 8, the Government may, at any time, for reasons to be recorded in writing, remove fromoffice any Director of the Board, after giving him a reasonable opportunity of showing cause against the proposed removal: Provided that it sshall not be necessary to record in writing the reasons for removal or to give an opportunity of showing cause against the proposed removal, if the Government are of the opinion that it is not expedient, in the public interest, to record the reasons in writing or to give such opportunity. (3) Any Director may resign his office by giving notice in writing to the government but shall continue in office until his resignation is accepted by the Government.