Amendment status not verified — confirm the current text below against the official source.
Term of office of members. —(I) A member appointed under clause (h) of sub- section (3) of section 4 shall hold office during the pleasure of the Government- (2) Any member appointed under clause (h) of sub-section (3) of section 4 may resign his member ship by giving notice in writing to the Government but shall continue in office until his resignation is accepted by the Government *# 5A. Meetings of the Board. - (1) The Board shall meet at such time and place and shall observe such rules of procedure in regard to transaction of business at its meetings as may be specified in the Scheme. (2) The Chairperson shall preside over the meetings of the Board. When the chairperson of the Board is absent, the Vice-Chairperson shall preside over the meetings. The Chief Executive Officer shall be the Convener of the Board meetings. (3) Agenda of a meeting of the Board shall be decided by a majority of two- third of the votes of the members present and voting and in case of any equality of votes, the person presiding shall have a second or casting vote. (4) The quorum for a meeting shall be eight and at least one independent member shall attend the meeting. (5) All investment decisions taken in the Board meetings in the absence of the Chairperson shall be ratified by the Chairperson before implementation. (6) The members of the Board may, with the permission of the Chairperson, attend the meetings of the Board through video conferencing. (7) No act or proceedings of the Board shall be invalid by reason only of the Existence of any vacancy amongst its members or any defect in the constitution thereof. * Substituted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016. ** Vide Act 15 of 2016 notification no. 15841/Leg. A1/2016/Law dated 05.11.2016, sub-sections (5) to (7) omitted. *# Inserted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016. *6. Functions of the Board. -Subject to the provisions of this Act, the Board shall have the following functions, namely: - (a) Approve the selection of eligible projects for financial assistance through the Fund; (b) Authorise the mobilization of resources for augmentation, maintenance and utilization of the Fund; (c) Approve the public agency which shall implement a project through public sector mode or through a Public-Private Partnership; (d) Co-ordinate the efforts of the Government, any public agency and sponsoring agencies in matters regarding the development of the infrastructure in the State including Public-Private Partnership projects; (e) Identify sources of financing, and approve suitable modes of raising resources; (f) Identify bottlenecks in the Projects and recommend policy initiatives to rectify the same; (g) Formulate and recommend policies related to eligible projects so as to ensure that project risks are identified and allocated between the stakeholders; (h) Perform such other functions as may be entrusted to it by the Government.