20. Term of office of chairman, managing director, etc.
(1)The chairman, [****] [the word "vice-chairman" omitted by Act 27 of 2010] and each managing director shall hold office for such term, not exceeding five years, as the Central Government may fix when appointing them and shall be eligible for reappointment.(1-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 word "vice-chairman" omitted by Act 27 of 2010] or a managing director, as the case may be, at any time before the expiry of the term fixed under sub-section (1) 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, [**] [the word "vice-chairman" omitted by Act 27 of 2010] or a managing director, as the case may be, shall also have the right to relinquish his office at any time before the expiry of the term so fixed by giving to the Central Government notice of not less than three months in writing.[* * *](3)Subject to the provisions contained in section 19 [* * *] a director elected under clause (c) [* * *] of that section shall hold office for three years [* * *] [* * *] and shall be eligible for re-election [* * *]:Provided that no such director shall hold office continuously for a period exceeding six years.(3-A) Subject to the provisions contained in sub-section (4), a director appointed under clause (ca) or clause (cb) of section 19 or nominated under clause (d) of that section shall hold office for such term, not exceeding three years, as the Central Government may specify [****] [Omitted by Act 27 of 2010 for the words " and thereafter until his successor shall have been duly appointed or nominated" ] and shall be eligible for re-appointment or renomination, as the case may be:Provided that no such director shall hold office continuously for a period exceeding six years.(4)A director appointed under clause (ca) or clause (cb) of section 19 or nominated under clause (d) or clause (e) or clause (f) of that section shall hold office during the pleasure of the authority appointing or nominating him, as the case may be.[* * *]
