FIRST SCHEDULESection 4(2).Provisions Relating to the CorporationAppointment of Chairman and Deputy Chairman and members
1. The President shall appoint the Chairman and the Deputy Chairman who shall hold office for such period not being more than three years as the President may determine and shall be eligible for re-appointment on the expiry of their terms of office.Tenure of office
2. The Minister shall appoint the other members of the Corporation who shall hold office for such period, not being more than three years as the Minister may determine and shall be eligible for re-appointment on the expiry of their terms of office.Acting Chairman or Deputy Chairman
3. The Minister may appoint any member of the Corporation to act as the Chairman or the Deputy Chairman during the absence, or incapacity owing to illness or otherwise, of the Chairman or the Deputy Chairman, as the case may be, and while so acting that member may exercise all the functions, powers and duties of the Chairman or the Deputy Chairman, as the case may be.Alternate member
4. The Minister may appoint a person to be a member of the Corporation during the absence, or incapacity owing to illness or otherwise, of any member of the Corporation.Revocation of appointment
5. The President may, at any time, revoke the appointment of the Chairman or the Deputy Chairman and the Minister may revoke the appointment of a member of the Corporation; and in exercising his power under this paragraph, the President or the Minister, as the case may be, shall not be required to assign a reason for such revocation.Resignation
6. A member of the Corporation may, at any time, resign from his appointment by giving notice in writing to the Minister.Salaries, fees and allowances payable to Corporation members
7. The Chairman, if he is not a Minister, and the Deputy Chairman and other members of the Corporation may be paid, out of the funds of the Corporation, such salaries, fees or allowances as the Minister may, from time to time, determine.Vacation of office of Corporation member
8. The office of the Chairman, the Deputy Chairman and a member of the Corporation shall be vacated if he —
(a) becomes of unsound mind; or
(b) becomes a bankrupt or suspends payment to, or makes any arrangement or composition with, his creditors; or
(c) has been absent, without the leave of the Corporation, from three consecutive meetings of the Corporation; or
(d) is convicted of an offence involving dishonesty, fraud or moral turpitude.Filling of vacancies in the office of Corporation member
9. If a member of the Corporation resigns, dies or has his appointment revoked or otherwise vacates his office before the expiry of the term for which he has been appointed, another person may be appointed by the Minister for the unexpired period of the term of office of the member of the Corporation in whose place he is appointed.Meetings of the Corporation10.—
(1) The Chairman shall summon meetings as often as may be required, but not less frequently than once in three months.(2) At every meeting of the Corporation, a quorum shall consist of three members of the Corporation.(3) Decisions at meetings of the Corporation shall be adopted by a simple majority of the votes of the members present and voting except that in the case of an equality of votes, the Chairman, or in his absence the Deputy Chairman, shall have a casting vote.(4) The Chairman, or in his absence the Deputy Chairman, shall preside at all meetings of the Corporation. In the absence of both the Chairman and the Deputy Chairman, such member as the members present may elect shall preside at the meeting.(5) Subject to the provisions of this Act, the Corporation may make standing orders to regulate its own procedure; and such standing orders may provide for the holding of meetings, the notice to be given of such meetings, the proceedings thereat, the keeping of minutes and the custody, production and inspection of such minutes.Corporation member’s interest in any contract to be made known11.—
(1) The Chairman, the Deputy Chairman or a member of the Corporation who is directly or indirectly interested in a contract made, or proposed to be made, by the Corporation shall disclose the nature of his interest at the first meeting of the Corporation at which he is present after the relevant facts have come to his knowledge.(2) A disclosure under sub-paragraph (1) shall be recorded in the minutes of the Corporation and, after the disclosure, that member of the Corporation —
(a) shall not take part in any deliberation or decision of the Corporation with respect to that contract; and
(b) shall be disregarded for the purpose of constituting a quorum of the Corporation for any such deliberation or decision.(3) No act or proceeding of the Corporation shall be questioned on the ground that the Chairman, the Deputy Chairman or a member of the Corporation has contravened the provisions of this paragraph.Validity of acts of Corporation members
12. The acts of a member of the Corporation shall be valid notwithstanding any defect that may afterwards be discovered in his appointment or qualifications.Common seal and execution of documents13.—
(1) The Corporation shall have a common seal, and such seal may, from time to time, be broken, changed, altered and made anew as the Corporation thinks fit.(2) All deeds, documents and other instruments requiring the seal of the Corporation shall be sealed with the common seal of the Corporation, and every instrument to which the common seal is affixed shall be signed by a member of the Corporation and shall be countersigned by the General Manager or by some other person duly authorised by the Corporation for that purpose, and such signing shall be sufficient evidence that such seal was duly and properly affixed and that the same is the lawful seal of the Corporation.(3) The Corporation may, by resolution or otherwise, appoint any officer of the Corporation or an agent, either generally or in any particular case, to execute or sign on behalf of the Corporation, any agreement or other instrument not under seal in relation to any matter coming within the powers of the Corporation.(4) The provisions of section 12 of the Registration of Deeds Act (Cap. 281) shall not apply to any instrument purporting to have been executed under the provisions of sub-paragraph (2).Appointment of committees and delegation of powers14.—
(1) The Corporation may, in its discretion, appoint from among its own members or other persons who are not members of the Corporation, such number of committees consisting of members or other persons, or members and other persons, for purposes which, in the opinion of the Corporation, would be better regulated and managed by means of such committees.(2) The Corporation may, subject to such conditions or restrictions as it thinks fit, delegate to any such committee or to the Chairman or the General Manager all or any of the functions or powers by this Act vested in the Corporation, except the power to borrow money or to make regulations; and any function or power so delegated may be exercised or performed by such committee or the Chairman or the General Manager, as the case may be, in the name and on behalf of the Corporation.(3) The Corporation may, subject to such conditions or restrictions as it thinks fit, delegate to any employee thereof all or any of the Corporation’s functions or powers by this Act vested in the Corporation, except the power to borrow money or to raise or grant loans or advances to or subscribe to or underwrite the issue of stocks, shares, bonds or debentures of industrial enterprises or the power to make regulations; and any function or power so delegated may be exercised or performed by such employee in the name and on behalf of the Corporation.(4) The Corporation may continue to perform or exercise any function or power conferred upon it under this Act, notwithstanding the delegation of such function or power under the provisions of this paragraph.