Amendment status not verified — confirm the current text below against the official source.
(I) The State Government shall appoint a Managing Director who shall Senants Of be the Chief Executive Officer of the Corporation. . . thscorpo* . .. dm. (2) The Board may appoint such other dficers and servants, subordinate . to the Mansging Director, as it consideis necessary for the acient perfor mance of its duties and -functions. (3) The conditions of appointment and service of the aficers and- servants and their scales of pay shall- (a) as regards the Managpg Director, be such as may be prescride ; and - - . . .- - (b) as re& ihe ither officers and servants, be such as may be determined by reguIations made under this Act. . . (4) Zf. the Managing ~irector of the Corporation is tkrnporady absent or ' rendered gapable ?f performing his duties for any r h o n whatsoever, not involving the w b o n of hs office, the State Government may, after consulation with tho Board, appoint another penon to act in his place during his absence. Such person sbaU vacate -0ffic8 on the'date the Managiog Director resumes his duties. . . . . - . - . . Oorparation 13.(I)~The'Corpoiation shaUitake over and employsuch oftha existingstiff tu absorb for the puqoses of the Industrial Promotion and Investment Corporationof CCrlaInstoff ,d me Orissa. Limited and the Orissa Small Industdes Corporation, k i t e d as the State obli~ums .. C30vdnunent qiiy . direct and every: person so , taken over and employed shall ba of Sat0 abject b tha provisidas of this Act and the rules and regulations made thereunder: amantrncol - . , . , ,- IP re- of , ' - -ro rrm thlr , - provided that the conditions of service of the members of the s M who are &I ~ppIiar, Cakep. aver : by the , Coqtorntion shall in no way be less adv&tageous than those wHch were eppricable to them immediately prior to their absorption. , . : . . : .: (2) All obligations incurred, all coo tract^ entered into and all matters and fhing. ,engaged. to be dooc, before the first csrabfishment of the Corporation, by, with or for theU.State Government or the Corporations aforesaia, for any 01 the purposes of thls Act, in respect of any scherncs for the -deyelopmcnt of industrial estates or industrial areas entrusted to the Corporation, shall be deemed to have been. incurred, entered into or engagcd 10 be done, by, with or fcr thc Corporation, ,ind ' accordjngly -all suits or other legal prqcecdings inslitu red or which might have been instituted by or against tbc Sfate Goveinment or. the Corporations aioresaid, as the a s e may be, may be continued or instituted by'or against the Corporation. (3) All expenditure which the State ~overnment or rh: Corporation arbresaid may- haye ,incurred before the date of-the coming into force of.ths Act ~n~connec tion:.with. ariy of the purposes ,of this Act shall be: deemed to .be a-grant to the Co~omrions under seciton 21 on that date, and all assets acquircd by such expen- diture sbaU ',vest in rhe' Corporation. , CHAP~ER' IfX FUNCrIONS AND POWERS OF THE CORPORATION