Section 7(2) in The Punjab Ex-servicemen Corporation Act, 1978
(2)[The Chairman, the Vice-Chairman shall be the persons, who are Ex- servicemen and were] [Substituted 'the Chairman shall be a person who is an Ex-serviceman and was' by Punjab Act No. 11 of 2012, dated 1.8.2012.] 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.
