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Industrial Finance Corporation Act, 1948


17. Meetings of the Board.

  1. Meetings of Board 3*** shall be held at such times and at such places as may be prescribed:
    Provided that until regulations have been made in this behalf such meetings shall be convened by 3*[the Chairman].

  2. To constitute a quorum at a meeting of 5*** the Board, not less than five Directors shall be present, of whom not less than two shall be nominated Directors and at least one an elected Director.
    4* * * * *

  3. 6*[At a meeting of the Board 7*[each Director] shall have one vote, and in the event of an equality of votes, the Chairman or, in his absence, any other person presiding shall have a second or casting vote.]

  4. No Director shall vote on any matter concerning an industrial concern in which he is directly or indirectly interested.

  5. 5*[The Chairman or, if for any reason he is unable to attend a meeting of the Board, the Managing Director or, in the event of both the Chairman and the Managing, Director being unable to attend such meeting, any other Director nominated by the Chairman in this behalf and in the absence of such nomination any Director elected by the Directors present FROM among themselves, shall preside at the meeting.]

  1. Subs. by Act 28 of 1955, s. 13, for the former sections,

  2. Subs. by Act 2 of 1982, s. 6 (w.e.f. 12-3-1982)

  3. The words "and of the Central Committee" omitted by Act 74 of 1972, s. 7.

  4. Subs. by Act 28 of 1955, s. 14, for "the Managing Director"

  5. The brackets and letter "(a)" and cl. (b) omitted by Act 74 of 1972, s. 7.

  6. Subs. by Act 28 of 1955, s. 14, for the former sub-section.

  7. Subs, by Act 74 of 1972, s. 7, for certain words.

  8. Subs. by Act 50 of 1986, s. 10 (w.e.f. 2-2-1987).

  1. 47.1*[If, for any reason, a Director nominated under clause (aa) of clause (b) 2*[or clause (bb)] of section 10 is unable to attend any meeting of the Board, 3*[The Development Bank or the Central Government] 2*[or the Reserve Bank], as the case may be, may depute any other person to attend the said meeting and such person shall, for all purposes of the said meeting, be deemed to be a Director nominated under clause (aa) or clause (b) 2*[or clause (bb)], as the case be, of the said section.]
     



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