Section 6(2) in The Industrial Development Bank Of India Act, 1964
(2)[The Chairman, the Managing Director and the whole-time director] [ Substituted by Act 5 of 1995, Section 7, for " The chairman and the managing director" (w.r.e.f. 12.10.1994).][shall hold office for such term not exceeding five years as the Central Government may specify in this behalf and any person so appointed shall be eligible for re-appointment.] [Substituted by Act 52 of 1975, Section 7, for Section 6 (w.e.f. 16.2.1976). ][(2-A) Notwithstanding anything contained in sub-section (1) the Central Government shall have the right to terminate the term of office of [the chairman, the Managing Director or the whole-time director] [Inserted by Act 73 of 1976, Section 5, (w.r.e.f. 11.6.1976). ][, as the case may be, at any time before the expiry of the term specified under 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 Chairman or Managing Director] [Inserted by Act 73 of 1976, Section 5, (w.r.e.f. 11.6.1976). ][, as the case may be, shall also have the right to relinquish his office at any time before the expiry of the term specified under 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 5, (w.r.e.f. 11.6.1976). ]
