Amendment status not verified — confirm the current text below against the official source.
(1) The Government may by notification in the Gazette, constitute with effect from such date as may be specified therein a Board to be called "The Kerala Industrial Revitalisation Fund Board" for the administration of the fund and to supervise or carry out the activities financed from the fund. (2) The Board shall be a body corporate by the name aforesaid, having perpetual succession and a common seal and shall by the said name sue and be sued. (3) The Board shall consist of such number of directors not exceeding seven, as may be appointed by the Government and they shall be chosen in such manner as may be specified in the scheme. (4) One of the directors of the Board shall be appointed by the Government to be its Chairman. (5) The Board shall administer the fund vested in it in such manner as may be specified in the Scheme. (6) The Board may, with the previous approval of the Government delegate to the Chairman or to the Fund Manager such of its powers and functions under this Act or the Scheme, as it may consider necessary for the efficient administration of the fund, subject to such restrictions and conditions, if any, as it may specify.