(6)Notwithstanding anything contained in sub-section (2), on and 15 from the appointed date, an individual appointed under section 4 who is eligible to be or remain a director under section 4A and who, immediately before such appointed date, held the office of a member of the Corporation-(i)in the capacity as the Chairman of the Corporation, shall be "-.o deemed to be a director and the Chairperson under sub-clause {1) of clause (a) of sub-section (2);(ii)in the capacity as a Managing Director of the Corporation, shall be deemed to be a director and a Managing Director under clause (c) of sub-section (2);(iii)and is an officer of the Central Government not below the rank of a Joint Secretary to the Government of India in the department of Financial Services, shall be deemed to be a director nominated under clause (d) of sub-section (2);(iv)and has been in office for a duration which is the longest amongst members other than members referred to in clauses (i), (ii) and (iii), shall be deemed to be a director nominated under clause (e) of sub-section (2):Provided that every such individual shall hold office until expiry of the term, if any, specified at the time of his appointment; as a member of the Corporation, or until a director appointed or nominated, as the case may be, under sub-section (2)in place of such an individual assumes office:Provided further that any act or proceeding of the collective body of members constituting the Corporation under section 4 before the appointed date, shall be deemed to be an act or proceeding, as the case may be, of the Board.Explanation-For the purposes of this sub-section,-(a)notwithstanding anything contained in clause (7) of section 2, the expression "member" shall mean a member appointed to the 45 Corporation constituted under section 4 [as it stood before the coming into force of section 130 of the Finance Act, 2021];(b)"appointed date" means the date on which the provisions of section 130 of the Finance Act, 2021 shall come into force.
