The Industrial Finance Corporation Act, 1948
11. Term of office and retirement of Directors.
- A nominated Director shall hold office during the pleasure of 2*[the authority appointing him].
- An elected Director shall hold office for 3*[three years]:
Provided that one out of the two Directors elected to represent the shareholders referred to in each of the clauses (c), (d) and (e) of section 10 shall retire at the end of two years after the first election; the Directors so to retire shall be determined by lot:
Provided further that an elected Director shall be required to continue in his office until his successor has been elected:
Provided further that 4*[such] a Director shall be eligible for re-election for not more than two full consecutive terms after the rotation of elected Directors has begun.
- A casual vacancy in the office of an elected Director shall be filled by election and a Director so elected shall hold office for the unexpired portion of the term of his predecessor:
Provided that no casual vacancy occurring within 5* [six months] of the date of expiry of the normal term of office of an elected Director need be filled under this sub-section.
- 6*[Directors shall be paid such fees as may be prescribed for attending the meetings of the Board and, if they are members of 7*[any Committee] appointed by the Corporation, for attending meetings of such Committee:
Provided that nothing in this sub-section shall apply to the Chairman 8*[,Managing Director] or to any other Director who is a servant of the Government 9*[or of the Development Bank].]
- No act or proceeding of the Board shall be questioned on the ground merely of the existence of any vacancy in, or any defect in the constitution of, the Board.
- The words "or the Central Committee" omitted by Act 74 of 1972, s. 4.2. Subs. by Act 78 of 1952, s.
- for "the Central Government".
- Subs. by Act 50 of 1986, s. 6 (w.e.f. 2-2-1987).
- Ins. by Act 78 of 1952 s. 4.5. Subs. by Act 2 of 1982, s. 5 (w.e.f. 12-3-1982).
- Subs. by Act 66 of 1960, s. 4. for sub-section (4).
- Subs. by Act 74 of 1972, s. 5, for "the Central Committee or any other Committee".
- Ins. by Act 50 of 1986 s. 6 (w.e.f. 2-2-1987).
- Ins. by Act 18 of 1964, s. 38 and Sch. II (w.e.f 1-8-1964).