Section 4 in Life Insurance Corporation General Rules, 1956
4. [ Certain other terms and conditions of service of whole-time directors appointed by Central Government.
(1)If a whole-time director appointed by the Central Government under sub-clause (i) of clause (a) or clause (b) or clause (c) of sub-section (2) of section 4 is by infirmity or otherwise rendered incapable of carrying out his duties or is absent on leave or otherwise in circumstances not involving the vacation of his office, the Central Government may appoint another person to act in his place during his absence.(2)Notwithstanding anything contained in rule 3, -(i)the Central Government shall have the right to terminate the services of a whole-time director at any time before the expiry of the term specified under that rule by giving him notice of not less than three months in writing or three months' salary and allowances in lieu thereof;(ii)a whole-time director shall have the right to relinquish his office at any time before the expiry of the term specified under that rule by giving the Central Government notice of not less than three months in writing.(3)Notwithstanding anything contained in rule 3 or sub-rule (2) of rule 4, the Central Government may remove a whole-time director from office if it is satisfied that -(i)in the public interest or for securing the proper management of the Corporation it is necessary so to do; or(ii)he has abused his position or has acted in a manner prejudicial to the interests of the Corporation:Provided that no such removal shall be made unless he has been given a reasonable opportunity of being heard in the matter.]
