Section 10 in The Industrial Finance Corporation Act, 1948
10. Board of Directors
.- [(1)] The Board of Directors shall consist of the following, namely:-(a)[ a Chairman and a Managing Director to be appointed by the Central Government after consultation with the Development Bank: [ Substituted by Act 50 of 1986, Section 4 (w.e.f. 2.2.1987).]Provided that the same person may be appointed to function both as Chairman and as Managing Director; ](aa)four Directors nominated by [the Development Bank] [ Substituted by Act 18 of 1964, Section 38 and Sch. II, for " the Central Government" (w.e.f. 1.8. 1964).];(b)two Directors nominated by [the Central Government] [ Substituted by Act 18 of 1964, Section 38 and Sch. II, for " the Central board of the Reserve Bank" (w.e.f. 1.8.1964).];(bb)[ one Director nominated by the Reserve Bank;] [ Inserted by Act 50 of 1986, Section 4 (w.e.f. 2.2.1987).](c)two Directors elected in the prescribed manner by the scheduled banks who are shareholders of the Corporation;(d)two Directors elected in the prescribed manner by the shareholders of the Corporation, other than [the Development Bank] [ Substituted by Act 18 of 1964, Section 38 and Sch. II, for " the Central Government, the Reserve Bank" (w.e.f. 1.8.1964).], the scheduled banks and co-operative banks;(e)two Directors elected in the prescribed manner by the co-operative banks who are shareholders of the Corporation.[* * *] [ Cls. (f) and (g) and provisos omitted by Act 28 of 1955, Section 7 (w.e.f. 18.9.1955). ](2)[ On the date appointed under sub-section (1) of section 4-A, the Directors holding office under clause (aa) or clause (b) immediately before the said date shall be deemed to have vacated their offices as such.] [ Inserted by Act 18 of 1964, Section 38 and Sch. II (w.e.f. 1.8.1964).][10-A. Chairman of the Board .-(1) The Chairman of the Board ][or the Managing Director and, in a case where the same person is appointed to function both as Chairman and as Managing Director, such person] [ Inserted by Act 50 of 1986, Section 5 (w.e.f. 2.2.1987).] shall receive such salary and allowances as may be determined [by the Development Bank] [ Substituted by Act 18 of 1964, Section 38 and Sch. II, for " by the Board" (w.e.f. 1.8.1964).] with the approval of the Central Government.(2)[ The Chairman and the Managing Director shall hold office for such term not exceeding five years as the Central Government may specify in this behalf and shall be eligible for re-appointment. ] [ Substituted by Act 50 of 1986, Section 5, for sub-S. (2) (w.e.f. 2.2.1987).][(2-A) Notwithstanding anything contained in sub-section (2), the Central Government shall have the right to terminate the term of office of the ] [Inserted by Act 73 of 1976, Section 3. ][Chairman or the Managing Director] [ Substituted by Act 50 of 1986, Section 5, for certain words (w.e.f. 2.2.1987).][at any time before the expiry of the term ] [Inserted by Act 73 of 1976, Section 3. ] [specified under] [Substituted by Act 50 of 1986, Section 5, for certain words (w.e.f. 2.2.1987). ][sub-section (2) by giving him notice of not less than three months in writing or three months 'salary and allowances in lieu of such notice; and the ] [Inserted by Act 73 of 1976, Section 3. ] [Chairman or the Managing Director] [Substituted by Act 50 of 1986, Section 5, for certain words (w.e.f. 2.2.1987). ] [shall also have the right to relinquish his office at any time before the expiry of the term ] [Inserted by Act 73 of 1976, Section 3. ][specified under] [Substituted by Act 50 of 1986, Section 5, for certain words (w.e.f. 2.2.1987). ][sub section (2) by giving to the Central Government notice of not less than three months in writing. ] [Inserted by Act 73 of 1976, Section 3. ](3)The Chairman shall exercise such powers and discharge such duties as are assigned to him by this Act or as may be delegated to him by the Board.[(3-A) The Managing Director shall exercise such powers and discharge such duties as are assigned to him by this Act or as may be delegated to him by the Board or the Chairman.] [ Inserted by Act 50 of 1986, Section 5 (w.e.f. 2.2.1987).](4)[Notwithstanding anything contained in sub-section (3), the Chairman or, in his absence, the Managing Director, is of opinion that circumstances exist which render it necessary for him to take immediate action in respect of any matter which is within the competence of the Board and that the interests of the Corporation may be prejudicially affected if such action is deferred until after the next meeting of the Board, then he may take such action in respect of that matter as he deems necessary and for such purpose, he may exercise all powers and do all acts and things which may be exercised or done by the Board ] [Substituted by Act 50 of 1986, Section 5, for certain words (w.e.f. 2.2.1987). ][* * *] [ The words " or the Central Committee" omitted by Act 74 of 1972, Section 4.][, but in every such case, he shall, as soon as may be, after the action is taken, make a written report to the Board] [Substituted by Act 50 of 1986, Section 5, for certain words (w.e.f. 2.2.1987). ][* * *] [ The words " or the Central Committee" omitted by Act 74 of 1972, Section 4.][containing a statement of the action taken and the circumstances under which it was taken.] [Substituted by Act 50 of 1986, Section 5, for certain words (w.e.f. 2.2.1987). ]
