State Agricultural Credit Corporations Act, 1968
9. Constitution of Board.
The Board of directors of the Corporation shall consist of the following, namely:-
- one directors to be nominated by the Central Government who shall be the Chairman of the Board;
- two directors nominated by the appropriate Government, one of whom shall be a person who has special knowledge of co-operation and who is not an employee of the Central or State Government or of the Reserve Bank, State Bank, subsidiary bank, 1*[corresponding new bank,] banking company, or Food Corporation;
- one director to be nominated by the Reserve Bank;
- two directors to be elected in such manner as may be prescribed by the parties subscribing for shares in pursuance of the provisions of clause (d) of sub-section (3), and sub-section (5) of section 5; Ins. by Act 5 of 1970, s. 20 (w.e.f. 19-7-1969).
- 172.a managing director, to be appointed by the Central Government and, except in the case of first appointment, after consultation with the Board:
Provided that, in appointing a managing director of a Corporation established in a State, the Central Government may also consult the Government of that State.