Section 3 in Life Insurance Corporation General Rules, 1956
3. [ Term of office and conditions of service of directors appointed or nominated by Central Government.
- Every director appointed or nominated by the Central Government under clause (a) or clause (b) or clause (c) or clause (e) of sub-section (2) of section 4 -(i)shall hold office during the pleasure of the Central Government, for such term not exceeding five years as the Central Government may specify and be eligible for re-appointment;(ii)may resign his office by giving notice thereof in writing to the Central Government, and the resignation shall take effect from the date, if any, specified by the director or the date on which it is accepted by the Central Government, whichever is later.]
