Amendment status not verified — confirm the current text below against the official source.
(1) The board of directors referred to in section 6 shall consist of the following, namely : (a) Six directors to be nominated by the Central Government; 26 of 1962 (b) One director to be nominated by the National Co- operative Development Corporation established under the National Co-operative Development Corporation Act, 1962, (42) a Scanned by CamScanner one di_rector to be nominated by the State Bank; one director to be elected by other scheduled banks; one director to be elected by co-operative societies; ) (f) one director to be elected by insurance companies, investment trusts and other financial institutions, recognised associations and companies dealing in agricultural produce or notified commodities; (9) a Managing Director, appointed by the Central Government in consultation with the directors referred to in clauses (a) to (f) : Provided that the three directors to be elected under clauses (d), (e) and (f) may, for the first constitution of the board of directors, be nominated by the Central Government in such manner as to give representation to each class of institutions (whether they have become shareholders of the Corporation or not) referred to in those clauses, but a director so nominated shall hold office only until he is replaced by a director elected as provided in that clause, and the director so elected shall hold office only for so long as the director replaced would have held office had he not been replaced. (2) The directors referred to in clauses (d), (e) and (f) of sub-section (1) shall be elected in the prescribed manner. (3) If, within the period prescribed in this behalf, or within such further ,period as the Central Government may allow, the institutions referred to in clause (d) or clause (e) or clause (f) or sub-section (i) fail to elect a director, the Central Government may nominate a director to fill the vacancy. (4) The board of directors shall have a Chairman and a : Vice-Chairman who shall be appointed by the Central Government from among the directors. (5) The Managing Director shall (a) exercise such power and perform such duties as the board of directors of the Central Warehousing Corporation may entrust or delegate to him; and (b) receive such salary and allowances as the Central warehouses Corporation may, with the approval of the Central Govt. (d) (e) (43) Scanned by CamScanner Disqualification for office of director of the Central Warehousing corporation 1 of 1956 (6) ®) 0] (i) (iil) (iv) (v) (vi) The directors of the Central Warehousing Corporation other than the Managing Director shall be entitled to receive by way of remuneration such sums as the Central Warehousing Corporation may, with the approval of the Central Government, fix : Provided that no official director shall be entitled to receive any remuneration other than the allowances, if any, admissible to him under the rules regulating his conditions of services. The term of office of, and the manner of filling casual vacancies among, the directors shall be such as may be prescribed. A person shall be disqualified for being chosen as, and for being, a director of the Central Warehousing Corporation : If he is found to be a lunatic or becomes of unsound mind; or if he is, or at any time has been, adjudicated insolvent or has suspended payment of his debts or has compounded with his creditors; or if he is or has been convicted of any offence involving moral turpitude and sentenced in respect thereof to imprisonment for not less than six months, unless a period of five years has elapsed from the date of expiry of the sentence; or if he has been removed or dismissed from the service of Government or a Corporation owned and controlled by the Government; or except in the case of the Managing Director, if he is a salaried official of the Central Warehousing Corporation or any State Warehousing Corporation; or If he is personally interested in any subsisting contract made with, or in any work being done for the Central Warehousing Corporation except as a shareholder (other than director) in any public company as defined in the Companies Act, 1956 : Provided that where any such person is a shareholt.ie": he shall disclose to the Central Warehousing Corporation the nature and extent of shares held by him in such company. (44) Scanned by CamScanner Remova""