(1)

The Board of Directors of the Institution shall consist of the following, namely:—

(a) a Chairperson, to be appointed by the Central Government in consultation with the Reserve Bank;

(b) a Managing Director, to be appointed by the Board, on the recommendations of the Bureau and subject to such procedure and clearances from such agencies, as

(c) not more than three Deputy Managing Directors, each of whom shall be appointed by the Board, on the recommendations of the Bureau and subject to such

(d) two directors, to be nominated by the Central Government, who shall be the officials of the Central Government;

(e) such number of directors not exceeding three, elected by shareholders in such manner as may be prescribed, such that a shareholder, other than the Central

(f) such number of independent directors not exceeding three or one-third of the total number of directors on the Board, whichever is higher, to be appointed by the Board on the recommendations of the Nomination and Remuneration Committee:

(2)

The Managing Director and Deputy Managing Directors shall be whole-time directors of the Board.

(3)

No person who is a salaried officer or other employee of the Institution shall be appointed as a director of the Board except to the post of a Managing Director or a Deputy Managing Director.

(4)

The Chairperson shall preside over the meetings of the Board.

(5)

The terms and conditions of induction of independent directors to the Board under clause (f) of sub-section (1) shall be such as may be prescribed.

(6)

The directors appointed under clauses (d) and (f) of sub-section (1) shall be deemed to be independent directors under the Companies Act, 2013, for the purpose of immunities available to independent directors.