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Industrial Finance Corporation Act, 1948


10. Board of Directors.

The Board of Directors shall consist of the following, namely:-

  1. 2*[a Chairman and a Managing director to be appointed by the Central Government after consultation with the Development Bank

Provided that the same person may be appointed to function both as Chairman an das Managing Director;]

aa       four Directors nominated by 3*[the Development Bank];]

  1. two Directors nominated by 4*[the Central Government];

bb     5*[one Director nominated by the Reserve Bank;"]

  1. two Directors elected in the prescribed manner by the scheduled banks who are shareholders of the Corporation;

  2. two Directors elected in the prescribed manner by the shareholders of the Corporation, other than 6*[the Development Bank], the scheduled banks and co-operative banks;

  3. two Directors elected in the prescribed manner by the co-operative banks who are shareholders of the Corporation.7* * * * * *

  1. S. 10 re-numbered as subsection (1) of that section by Act 78 of 1952, s.3.

  2. Subs. by Act 50 of 1986, s. 4 (w.e.f. 2-2-1987).

  3. Subs. by Act 18 of 1964 s. 38 and Sch. II, for "the Central Government" (w.e.f. 1-8-1964).

  4. Subs. by s. 38 and Sch. II, ibid., for "the Central Board of the Reserve Bank" (w.e.f. 1-8-1964).

  5. Ins. by Act 50 of 1986, s. 4 (w.e.f. 2-2-1987).

  6. Subs. by Acy 18 of 1964 s. 38 and Sch. II, for "the Central Government, the Reserve Bank" (w.e.f. 1-8-1964).

  7. Cls. (f) and (g) and provisos omitted by Act 28 of 1955, s. 7.43.1*[(2) On the date appointed under sub-section (1) of section 4A, 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.]



Industrial Finance Corporation Act, 1948 Back




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