Amendment status not verified — confirm the current text below against the official source.
Term of office of the Directors.—(1) A non-official Director appointed under sub-section (4) of section 11 shall hold office up to three years from the date on which he assumed duty. . (2) Notwithstanding anything contained in section 14, the Government may, at any time, showing reasons to be recorded in writing, remove any Director of the Board, after giving him a reasonable opportunity of showing cause against the proposed removal: Provided that it shall not be necessary to record the reason for removal in writing or to give an opportunity of showing cause against the removal, if the Government is of 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 a letter in writing to the Government and the same shall come into force on the date of acceptance of the resignation letter by the Government.