The Board of trustees shall consist of the following, namely:-(a)the Chairman to be appointed by the [Central Government in consultation with the Development Bank] [Substituted by Act 52 of 1975, Section 47, for "Reserve Bank" (w.e.f. 16-2-1976)];(aa)[one trustee to be nominated by the Reserve Bank;] [Inserted by act 52 of 1975 s. 47, (w.e.f. 16-2-1976)](b)four trustees to be nominated by the [Development Bank] [Substituted by Act 52 of 1975, Section 47, for "Reserve Bank" (w.e.f. 16-2-1976)], of whom not less than three shall be persons having special knowledge of, or experience in, commerce, industry, banking, finance or investment;(c)one trustee to be nominated by the Life Insurance Corporation;(d)one trustee to be nominated by the State Bank;(e)two trustees to be elected in the prescribed manner by the contributing institutions referred to in clause (d) of sub-section (2) of section 4; and(f)an executive trustee to be appointed by the [Development Bank] [Substituted by Act 52 of 1975, Section 47, for "Reserve Bank" (w.e.f. 16-2-1976)]:Provided that if the appointment of the Chairman is whole-time, it shall not be necessary to appoint an executive trustee:Provided further that on the first constitution of the Board, the trustees referred to in clause (e) shall be nominated by the Reserve Bank and shall hold office for a period of twelve months from the date of their nomination or until two trustees are elected under the said clause, whichever may be earlier.
