Section 6 in The National Bank For Agriculture And Rural Development Act, 1981
6. Board of Directors .- [(1) The Board of Directors of the National Bank shall consist of the following, namely:-
(a)a Chairman;(b)three directors from amongst experts in rural economics, rural development, village and cottage industries, [micro-enterprises, small enterprises and medium enterprises] or persons having experience in the working of co-operative banks, regional rural banks or commercial banks or any other matter the special knowledge or professional experience in which is considered by the Central Government as useful to the National Bank;(c)three directors from out of the directors of the Reserve Bank;(d)three directors from amongst the officials of the Central Government;(e)four directors from amongst the officials of the State Government;(f)such number of directors elected in the prescribed manner, by shareholders other than the Reserve Bank, the Central Government and other institutions owned or controlled by the Central Government whose names are entered on the register of shareholders of the National Bank ninety days before the date of the meeting in which such election takes place on the following basis, namely:-(i)where the total amount of equity two directors; share capital issued to such share-holders is ten per cent. or less of the total issued equity capital(ii)where the total amount of equity three directors; and share capital issued to such share-holders is more than ten per cent but less than twenty-five per cent.of the total issued equity capital.(iii)where the total equity share capital four directors: issued to such shareholders is twenty-five per cent. or more of the total issued equity capital Provided that until the assumption of charge by the elected directors under this clause, the Central Government may at any time nominate such number of directors not exceeding four from amongst persons having special knowledge of, and professional experience in, agricultural science, technology, economics, banking, co-operatives, law, rural finance, investment, accountancy, marketing or any other matter, the special knowledge of, and professional experience in, which would, in the opinion of the Central Government, be useful to the National Bank for carrying out its functions; and(g)a Managing Director.(2)The Chairman and other directors, excluding the directors referred to in clause (f), shall be appointed by the Central Government in consultation with the Reserve Bank:Provided that no such consultation shall be necessary in the case of directors appointed under clause (d) of sub-section (1).](3)Where the Central Government is satisfied, in consultation with the Reserve Bank [* * *] [ The words " and the Board" omitted by Act 81 of 1985, Section 17 (w.e.f. 1.5.1986).], that it is necessary so to do, it may appoint one or more whole-time directors with such designations as may be deemed appropriate by that Government and any whole-time director so appointed shall also be a member of the Board:[* * *] [ Proviso omitted by Act 81 of 1985, Section 17 (w.e.f. 1.5.1986).]
