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| Home > Indian Bare Acts > THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964 > CHAPTER III MANAGEMENT OF THE DEVELOPMENT BANK |
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| THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964 |
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Title : THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964
Year : 1964
Act :
CHAPTER III
MANAGEMENT OF THE DEVELOPMENT BANK
5.Management.
5. Management. (1) The general superintendence, direction and management of the affairs and business of the Development Bank shall vest in a Board of Directors, which may exercise all powers and do all acts and things which may be exercised or done by the Development
Bank.
2*[(2) Save as otherwise provided in regulations made under this
Act,--
(a) the chairman, if he is a whole-time director or if he is holding offices both as the chairman and the managing director, or
----------------------------------------------------------------------
1 Subs. by Act 52 of 1975, s. 5, for s. 4 (w.e.f. 16-2-1976).
2 Subs. by s. 6, ibid., for sub-section (2) (w.e.f. 16-2-1976).
3 Subs. by Act 72 of 1982, s.2.4 Omitted by Act 35 of 1986, s. 3.5 Subs. by s. 4, ibid.
233.(b) the managing director, if the chairman is not a whole-
time director, or, if the chairman being a whole-time director, is absent,
shall also have powers of general superintendence, direction and management of the affairs and business of the Development Bank and may also exercise all powers and do all acts and things which may be exercised or done by the Development Bank.]
(3) Subject to the provisions of this Act, the Board in discharging its functions shall act on business principles with due regard to public interest.
1*[(4) In the discharge of its functions under this Act, the
Development Bank shall be guided by such directions in matters of policy involving public interest as the Central Government may give to it in writing.]
6.Constitution of Board.
2*[6. Constitution of Board. (1) The Board shall consist of the following, namely:--
(a) a chairman and a managing director appointed by the
Central Government:
Provided that the same person may be appointed to function both as chairman and as managing director;
(b) a Deputy Governor of the Reserve Bank nominated by that
Bank;
(c) not more than twenty directors nominated by the Central
Government of whom--
(i) two directors shall be officials of the
Central Government;
(ii) not more than five directors shall be from financial institutions;
(iii) two directors shall be from amongst the employees of the Development Bank and the financial institutions, and of such directors, one shall be from amongst the officer employees and the other from amongst the workmen employees, selected in such manner as may be prescribed;
(iv) not more than six directors shall be from the
State Bank, the nationalised banks and the State
Financial Corporations;
----------------------------------------------------------------------
1 Ins. by Act 52 of 1975, s. 6 (w.e.f. 16-2-1976).
2 Subs. by s. 7, ibid., for s. 6 (w.e.f. 16-2-1976).
234.(v) not less than five directors shall be persons who have special knowledge of, and professional experience in, science, technology, economics, industry, industrial co-operatives, law, industrial finance, investment, accountancy, marketing or any other matter, the special knowledge of, and professional experience in, which would, in the opinion of the Central Government, be useful to the Development
Bank.
(2) The chairman and the managing director shall hold office for such term not exceeding five years as the Central Government may specify in this behalf and any person so appointed shall be eligible for re-appointment.
1*[(2A) Notwithstanding anything contained in sub-section (1), the Central Government shall have the right to terminate the term of office of the chairman or managing director, as the case may be, at any time before the expiry of the term specified under sub-section (2)
by giving him notice of not less than three months in writing or three months salary and allowances in lieu of such notice; and the chairman or managing director, as the case may be, shall also have the right to relinquish his office at any time before the expiry of the term specified under sub-section (2) by giving to the Central Government notice of not less than three months in writing.]
(3) The chairman and the managing director shall receive such salary and allowances as may be determined by the Central Government.
1*[(3A) The Central Government may, at any time, remove the chairman or the managing director, as the case may be, from office:
Provided that no person shall be removed from his office, under this sub-section, unless he has been given an opportunity of showing cause against his removal.]
(4) A nominated director shall hold office during the pleasure of the authority nominating him.
3*["(4A) Subject to the provisions of sub-section (4),--
(a) every director nominated under sub-clause (ii) or sub-clause
(iv) of clause (c) of sub-section (1) and not being an official of
Government or not being an official or whole-time director of the
Reserve Bank or a financial institution or the State Bank or a nationalised bank or a State Financial Corporation; and
(b) every director nominated under sub-clause (iii) or sub-clause
(v) of clause (c) of sub-section (1),
shall hold office for such term, not exceeding three years, as the
Central Government may specify in this behalf and thereafter until his successor assumes office, and shall be eligible for re-nomination:
Provided that no such director shall hold office continuously for a period exceeding six years."]
(5) The Board shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings as may be prescribed.
(6) 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 a
---------------------------------------------------------------------
1 Ins. by Act 73 of 1976, s. 5. (w.e.f. 11-6-1976).
2 Ins. by Act 35 of 1986, s. 5.3 Subs. by Act 66 of 1988, s. 27 (w.e.f. 30-12-1988).
235.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.
(7) All questions which come up before any meeting of the Board shall be decided by a majority of votes of the directors present and voting, and in the event of an equality of votes, the chairman, or in his absence, the managing director, or in the absence of both the chairman and the managing director, the person presiding, shall have a second or casting vote.
(8) Save as provided in sub-section (7), every director of the
Board shall have one vote.]
6A.
Financial institution.
1*[6A. Financial institution. Each of the institutions specified in this section, and no other institution, shall be regarded, for the purposes of this chapter, as a financial institution, namely:--
(i) the Industrial Credit and Investment Corporation of
India Limited, formed and registered under the Indian companies Act, 1913; (7 of 1913.)
(ii) the Industrial Finance Corporation of India, established under section 3 of the Industrial Finance
Corporation Act, 1948; (15 of 1948.)
3*["(iii) the Industrial Reconstruction Bank of India, established under section 3 of the Industrial
Reconstruction Bank of India Act, 1984;"]
(iv) the Life Insurance Corporation of India, established under section 3 of the Life Insurance Corporation Act,
1956; (31 of 1956.)
(v) the Unit Trust; and
(vi) such other institution as the Central Government may, by notification in the Official Gazette, specify in this behalf.]
7.Executive Committee and other committees.
7. Executive Committee and other committees. 2*[(1) The Board shall constitute an Executive Committee consisting of--
(a) the chairman;
(b) the managing director;
(c) the director nominated by the Reserve Bank under clause
(b) of sub-section (1) of section 6;
----------------------------------------------------------------------
........................
1 Ins. by Act 52 of 1975, s. 8 (w.e.f. 16-2-1976).
2 Subs. by s. 9, ibid., for sub-section (1) (w.e.f. 16-2-1976).
3 Subs. by Act 35 of 1986, s. 6.4 Omitted by Act 5 of 1995 s. 8 (w.e.f 12-10-1994)
5 Ins. by s. 9, ibid. (w.e.f 12-10-1994)
6 Subs. by s. 10, ibid. (w.e.f 12-10-1994)
236.(d) eight of the directors nominated by the Central
Government of whom--
(i) two shall be directors nominated under sub-
clause (i) of clause (c) of sub-section (1) of section
6; and
(ii) six shall be directors nominated under sub-
clause (ii) or sub-clause (v) of clause (c) of sub-
section (1) of section 6.]
(2) The Executive Committee shall discharge such functions as may be prescribed or as may be delegated to it by the Board.
(3) The Board may constitute such other committees whether consisting wholly of directors or wholly of other persons or partly of directors and partly of other persons for such purpose or purposes as it may think fit.
(4) The Executive Committee or any other committee constituted under this section shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings as may be prescribed.
8.Fees and allowances of directors and members of committees.
8. Fees and allowances of directors and members of committees.
The directors and the members of a committee shall be paid such fees and allowances as may be prescribed for attending the meetings of the
Board or of any committee constituted in pursuance of this Act and for attending to any other work of the Development Bank:
1*[Provided that no fees shall be payable to the chairman, if he is appointed whole-time, or to the managing director or to the whole time director or to any other director who is an official of the
Government.
Last updated on February, 2008
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