The Road Transport Corporations Act, 1950
5. Management of Corporation and Board of Directors.
- The general superintendence, direction and management of the affairs and business of a Corporation shall vest in a Board of Directors which, with the assistance of its committees and Managing Director, may exercise all such powers and. do all such acts and things as may be exercised or done by the Corporation.
- The Board shall consist of a Chairman and such other Directors, being not less than five and not more than seventeen, as the State Government may think fit to appoint.
- The State Government may, if it so thinks fit, appoint one of the other Directors as the Vice-Chairman of the Board.
- Rules made under this Act shall provide for the representation, both of the Central Government and of the State Government concerned, on the Board in such proportion as may be agreed to by both the Governments and of appointment by each Government of its own representatives thereto and where the capital of a Corporation is raised by the issue of shares to other parties under sub-section (3)of section 23, provision shall also be made for the representation of such shareholders on the Board and the manner in which the representatives shall be elected by such shareholders.
- The term of office of and the manner of filling casual vacancies among the Directors shall be such as may be prescribed.]1 Cl. (h) Omitted by the Adaptation of Laws (No. 3) Order 1956.2 Subs. by Act 63 of 1982, s. 3 (w.e.f. 13-11-1982).