Section 5 in Life Insurance Corporation General Rules, 1956
5. [ Term of office and conditions of service of directors appointed by Board.
(1)Every director appointed by the Board under clause (f) or clause (g) of sub-section (2) of section 4, and whose appointment is approved at the annual general meeting, -(i)shall hold office for a term of four years and shall be eligible for one further term of four years:Provided that notwithstanding anything contained in this sub-rule, the first three directors appointed under the said clause (g) shall hold office for such term as the Board may decide, not exceeding six months, and shall be eligible for appointment for one further term of four years;(ii)may resign his office by giving a notice in writing to the Corporation, and the resignation shall take effect from the date, if any, specified by the director or the date when such notice is received by the Corporation, whichever is later:Provided that the director shall specify in such notice the reasons for his resignation and shall affirm that there is no material reason other than those specified.(2)The members at a general meeting may, by a resolution passed by a simple majority, remove a director appointed under clause (f) or clause (g) of sub-section (2) of section 4, after giving him a reasonable opportunity of being heard:Provided that an independent director appointed for a second term under sub-rule (1) shall be removed only by passing a special resolution, and after giving him a reasonable opportunity of being heard.(3)Notwithstanding anything contained in sub-rules (1) and (2), in the event of the Corporation applying to list its equity shares under any regulation made by the Securities and Exchange Board of India in this behalf, higher requirements, if any, under any regulation made by the said Board in respect of listing obligations and disclosure requirements shall apply with regard to the matters provided for in the said sub-rules.]
