Amendment status not verified — confirm the current text below against the official source.
(1) The general superintendence and management of If}e ) orporation. - affairs of a St_ate Warehousing Corporation shall vest in a Board of Directors which shall consist of the (49) | | : T = ,-._.-.-—J Scanned by CamScanner following, namely : V{g five directors nominated by the Central Warehousing Ve Corporation, of whom one shall be nominated in Consultation with the State Bank and one atleast shall be a non-official; ’ ) five directors nominated by the State Government; and /(: ) amanaging director, appointed by the State Government in consultation with the directors referred to in clauses (a) and (b) and under intimation to the Central Warehousing Corporation. e (“Under intimation to Central Warehousing Corporation” was inserted in place of “with the previous approval of Central Warehousing Corporation” vide Warehousing Corporations (Amendment) Act No. 23 of 2001.) (2) The Chairman of the Board of Directors shall be appointed by the State Government from among the directors of the State Warehousing Corporation under intimation to the Central Warehousing Corporation. - (3) “The Managing Director shall (a) exercise such powers and perform such duties as the Board of Directors or the State Warehousing Corporation may entrust or delegate to him; and (b) receive such salary and allowances as the State Warehousing Corporation may, in consultation with the Central Warehousing Corporation, and with the previous approval of the State Government, fix. _/\ (4)] The board of directors shall act on business principles having regard to public interest and shall be guided by such instructions on questions of policy as may be given to them by the State Government or the Central Warehousing Corporation. (5) If any doubt arises as to whether a question is or is not a question of policy, or, if the State Government and fhe Central Warehousing Corporation give conflicting instructions, the matter shall be referred to the Central Government whose decision there-on shall be final. (50) Scanned by CamScanner (6) The directors of a State Warehousing Corporation, other than the Managing Director, shall be entitied to receive by way of remuneration such sums as may be prescribed. Provided that no official director shall be entitled to receive any remuneration other than any allowances admissible to him under the rules regulating his conditions of service. (7) The term of office of, and the manner of filling casual vacancies among directors shall be such as may be prescribed. Disqualification for