Industrial Finance Corporation Act, 1948
10A. Chairman of the Board.
The Chairman of the Board 3*[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] shall receive such salary and allowances as may be determined 4*[by the Development Bank] with the approval of the Central Government.
3*[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 reappointment.]
2A 5*[Notwithstanding anything contained in sub-section (2), the Central Government shall have the right to terminate the term of office of the 3*[Chairman or the Managing Director] at any time before the expiry of the term [specified under]3* 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 3*[Chairman or the Managing Director] shall also have the right to relinquish his office at any time before the expiry of the term [specified under]3* sub section (2) by giving to the Central Government notice of not less than three months in writing.]
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.
3A 6*[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.]
3*["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
1. Ins. by Act 18 of 1964, s. 38 and Sch. II (w.e.f. 1-8-1964). Former sub-section (2) was omitted by Art. 28 of 1955, s. 7.2. Ins. by Act 28 of 1955, s. 8.3. Ins. by Act 50 of 1986, s. 5 (w.e.f. 2.2.1987).4. Subs. by Act 18 of 1964, s. 38 and Sch. II, for "by the Board" w.e.f. 1-8-1964). 5. Ins. by Act 73 of 1976, s. 3.6. Ins. by Act 50 of 1956 s. 5 (w.e.f. 2-2-1987). 44.1***, but in every such case, he shall, as soon as may be, after the action is taken, make a written report to the Board 1*** containing a statement of the action taken and the circumstances under which it was taken.]