(3)Notwithstanding anything contained in Sub-sections (1) and (2) Government may exempt-(a)any person, who is a member of the Board of Directors of any company or corporation owned or controlled by Government, from the operation of Sub-section (1); and(b)any officer or servant of the Board, who is appointed as a member of the Board of Directors of any such company or corporation, from the operation of Sub-section (2).
