Amendment status not verified — confirm the current text below against the official source.
Constitution of the Board.- (1) The Board shall consist of a Chairman, the Managing Director and such member of other official and non-official members not exceeding fifteen as may be prescribed. (2) The Chairman, the Managing Director and other members of the Board shall be appointed by the Government. (2-A) The Managing Director shall be the Chief Executive Officer of the Board. (3) No act or proceeding of the Board shall be invalid by reason only by the existence of any vacancy among its members or any defect in the appointment of a member thereof.