Amendment status not verified — confirm the current text below against the official source.
2[(1) The Board shall consist of an Executive Director and the following other directors, namely:- (a) The Secretary to Government of Punjab in the Department of Welfare or an officer of that Department not below the rank of Deputy Secretary nominated by him, ex officio; (b) The Secretary to Government of Punjab in the Department of Finance or an officer of that 1Substituted by Punjab Act No. 16 of 1979, Section 2, on and with effect from the 17th day of September, 1979. 2Substituted by Punjab Act No. 16 of 1979, Section 3, on and with effect from the 17th day of September, 1979. Authorised capital. Management. Board of Directors. Department not below the rank of Deputy Secretary nominated by him, ex officio; (c) The Secretary to Government of Punjab in the Department of Agriculture or an officer of that Department not below the rank of Deputy Secretary nominated by him, ex officio; (d) The Secretary to Government of Punjab in the Department of Industries or an officer of that Department not below the rank of Deputy Secretary nominated by him, ex officio; 1[(dd) The Director, Welfare of Scheduled Castes and Backward Classes, Punjab, ex officio;] 2[(e) Two officers of the Government of India nominated by that Government, ex-officio;] (f) 3[Six] other directors, belonging to the Scheduled Castes, to be nominated by the State Government from amongst persons who have knowledge of agriculture, agro-industries, water development projects, finance co-operation or who are social workers.] 4[(2) The Governor shall appoint the Chairman and the Vice- Chairman from amongst the directors.] 1Inserted by Punjab Act No. 6 of 2001, Section 2 2Substituted by Punjab Act No. 9 of 1983, Section 2 3Substituted for word “five” by Punjab Act No. 20 of 2013, Section 3, on and with effect from the 19th day of September, 2011. 4Substituted by Punjab Act No. 20 of 2013, Section 3, on and with effect from the 19th day of September, 2011. (3) On the occurrence of any vacancy in the office of a director due to death, resignation or otherwise the same shall be filled up by the Governor in the manner provided in sub-section (1). (4) Subject to the provisions of this Act, the terms and conditions of appointment of the directors and the fees and allowances payable to them, shall be such as may be prescribed. 1[8. The term of office of the directors other than the Executive Director and the ex officio directors shall be one year and they shall be eligible for re-appointment: Provided that the Executive Director may be removed by the Government at any time notwithstanding anything contained in section 11.]