(1) With effect from such date 1* as the Central Government may, by notification in the official Gazette, appoint in this behalf, there shall be established a Corporation by the name of the Damodar Valley Corporation.
(2) The said Corporation shall be a body corporate having perpetual succession and a common seal, and shall by the said name sue and be sued.
(1) The Corporation shall consist of a Chairman and two other members appointed by the Central Government after consultation with the State Governments.
(2) A person shall be disqualified for being appointed, or for continuing as, a member of the Corporation-
(a) If he is a member of 1*[Parliament] or any State Legislature;or
(b) If he has, directly or indirectly, any interest in a subsisting contract made with, or in any work being done for, the Corporation except as a shareholder (other than a director) in an incorporated company provided that where he is a shareholder, he shall disclose to the Government the nature and extent of shares held by him in such Company.
(3) No act or proceeding of the Corporation shall be invalid by reason only of the existence of any vacancy amongst its members or any defect in the appointment of a member thereof.
(1) The secretary and the financial adviser of the Corporation shall be appointed by the Central Government.
(2) The secretary shall be the chief executive officer of the corporation.
(3) The Corporation may appoint such other officers and servants as it considers necessary for the efficient performance of its functions.
The pay and other conditions of service of the officers and servants of the Corporation shall-
(a) As respects the secretary and financial adviser, be such as may be prescribed ; and
(b) As respects the other officers and servants, be such as may be determined by regulations.
The functions and duties of the financial adviser shall be such as may be prescribed.
No person who has directly or indirectly, by himself or his partner or agent, any share or interest in any contract, by or on behalf of the Corporation, or in any employment under, by or on behalf of the Corporation otherwise than as an officer or servant thereof, shall become or remain an officer or servant of the Corporation.
Subject to any rules made under section 59 the Corporation may from time to time appoint one or more Advisory Committees for the purpose of securing the efficient discharge of the functions of the Corporation, and in particular for the purpose of securing that those functions are exercised with due regard to the circumstances and requirements of particular local areas.
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