Section 5(4) in Road Transport Corporations Act, 1950
(4)Rules made under this Act shall provide for the representation, both of the Central Government and of the State Government concerned, on the Board in such proportion as may be agreed to by both the Government and of appointment by each Government of its own representatives thereto and where the capital of a Corporation is raised by the issue of shares to other parties under sub-section (3) of section 23, provision shall also be made for the representation of such share-holders on the Board and the manner in which the representatives shall be elected by such share-holders.
