Amendment status not verified — confirm the current text below against the official source.
(1) The Board of Directors shall consist of 1[the Chairman, the Vice- Chairman,] the Managing Director and the following other directors namely:- (a) The Secretary to Government in the Department of Defence Service Welfare or his nominee, ex-officio; (b) The Secretary to Government in the Finance Department or his nominee, ex- officio; (c) The Secretary to Government in the Development Department or his nominee, ex-officio; (d) The Director of Industries Punjab, or his nominee, ex-officio; 2[(dd) The Secretary, Punjab Rajya Sainik Board, ex-officio;] 1Substituted for words “the Chairman” by Punjab Act No. 11 of 2012, Section 3, on and with effect from the 20th day of August, 2010. 2Inserted by Punjab Act No. 8 of 1983, Section 2 Capital of Corporation. Management. Constitution of Board. (e) Four other directors to be nominated by the Government from amongst ex- servicemen. (2) 1[The Chairman, the Vice-Chairman shall be a persons, who are Ex- serviceman and were]holding a Class I post while in service and the Managing Director shall be a person who is or has been a Class I Officer of the State Government or Central Government and they shall be appointed by the Government on such terms and conditions, including salary and allowances, as may be prescribed. (3) The terms and conditions of service, including salaries and allowances, of the directors referred to in clause (e) of sub-section (1) shall be such as may be prescribed. (4) The term of office of 2 [the Chairman, the Vice-Chairman,]the Managing Director and the directors referred to in clause (e) of sub section (1) shall be two years and they shall be eligible for re-appointment. (5) The circumstances under which 7[the Chairman, the Vice- Chairman,] the Managing Director and the other directors referred to in clause (e) of sub-section (1) shall be removable during the term of their office shall be such as may be prescribed.