Section 5(1) in The Railway Companies (Emergency Provisions) Act, 1951
(1)Subject to the control of the Central Government, the directors shall take such steps as may be necessary for the purpose of efficiently managing the business of the railway company and, in particular, the directors shall have power, notwithstanding anything contained in the Companies Act or in the memorandum or articles of association of the railway company,--(a)to choose one of their number to be the chairman, and to delegate to him or to any one or more of the directors all or any of their powers;(b)with the previous approval of the Central Government and subject to such conditions as that Government may think fit to impose, to raise funds in such manner and offer such security therefor as they think fit;(c)to carry out such repairs as may be necessary in respect of any machinery, rolling-stock, buildings, works or other property in their custody;(d)to do all acts necessary for making, maintaining, altering or repairing and using the railway of the railway company;(e)to employ such persons as may be necessary for enabling them to efficiently discharge their duties, and define the conditions of service of such employees.
