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[Cites 0, Cited by 0] [Section 130] [Entire Act]

Union of India - Subsection

Section 130(2) in THE FINANCE ACT, 2021

(2)The Board of Directors of the Corporation shall consist of the 4b following directors, not exceeding eighteen, of whom at least one shall be a woman, namely:-
(a)a Chairperson of the Board, to be appointed by the Central Government, who shall,-
(i)during the initial period, be a whole-time director of the Corporation; and
(ii)after the initial period, be from amongst the non-executive directors nominated or to be nominated by the Central Government;
(b)after the initial period, a Chief Executive Officer and Managing Director, who shall be a who-time director of the Corporation to be 'Sb appointed by the
Central Government: ·Provided that where no Chief Executive Officer and Managing Director is appointed before expiry of the initial period, the individual holding office as Chairperson shall be deemed to have been appointed as the Chief Executive Officer and Managing Director on and from the date of such expiry;".
(c)Managing Directors, not exceeding four, to be appointed by the Central Government, who shall be whole-time directors of the Corporation;
(d)an officer of the Central Government not below the rank of a Joint Secretary to the Government of India, to be nominated by the Central Government;
(e)an individual to be nominated by the Central Government, who has special knowledge or practical experience in actuarial science, business management, economics, finance, human resources, information technology, insurance, law, risk management, or any other field the special knowledge or practical experience of which would be useful to the Corporation in the opinion of the Central Government or who represent the interests of policyholders;
(f)where the total holding of members other than the Central Government in the paid-up equity capital of the Corporation is-
(a)not more than ten per cent., one individual;
(b)more than ten per cent., two individuals;
who shall be elected by and from amongst such members and in such manner as may be specified by regulations, to be appointed by the Board; and
(g)such number of independent directors, not exceeding nine, to be recommended by the Nomiriation and Remuneration Committee and appointed by the Board;