Section 20:
Term of office of chairman, managing director, etc.
(1) 1[The chairman, 2*** and each
managing director] shall hold office for such term not exceeding five years, as the Central Government
may fix when appointing them and shall be eligible for reappointment.
3[(1A) Notwithstanding anything contained in sub-section (1), the Central Government shall have the
right to terminate the terms of office of the chairman, 2*** or a managing director, as the case may be, at
any time before the expiry of the term fixed under sub-section (1) 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, 2*** or a 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 so fixed by giving to the Central Government notice of not less than
three months in writing.]
4* * * * *
(3) Subject to the provisions contained in section 19 and 5*** a director elected under clause (c)
6***
of 7[that section] shall hold office for 8[three years] and 9*** 10 *** and shall be eligible for reelection 11***:
12[Provided that no such director shall hold office continuously for a period exceeding six years.]
13[(3A)
14[subject to the provisions contained in sub-section (4), a director] appointed under clause
(ca) or clause (cb)
15[of section 19 or nominated under clause (d) of that section] shall hold office for such
term, not exceeding three years, as the Central Government may specify 16*** and shall be eligible 17[for
re appointment or re-nomination, as the case may be:]]
12[Provided that no such director shall hold office continuously for a period exceeding six years.]
18[(4) A director appointed under clause (ca) or clause (cb) 19[of section 19 or nominated under clause
(d) or clause (e) or clause (f) of that section] shall hold office during the pleasure of the authority
appointing or nominating him, as the case may be.]
Notes:
1. Subs. by Act 73 of 1976, s. 4, for ''The chairman and the vice-chairman'' (w.e.f. 11-6-1976).
2. The words '', vice-chairman'' omitted by Act 27 of 2010, s. 12 (w.e.f. 15-6-2010).
3. Ins. by Act 73 of 1976, s. 4 (w.e.f. 11-6-1976).
4. Omitted by s. 4, ibid. (w.e.f. 11-6-1976).
5. The words, brackets and figures ''and in sub-section (5)'' omitted by Act 66 of 1988, s.12 (w.e.f. 8-7-1992).
6. The words, brackets and figures ''of sub-section (1)'' omitted by Act 3 of 1994, s. 9 (w.e.f. 15-10-1993).
7. Subs. by Act 66 of 1988, s. 12, for certain words (w.e.f. 8-7-1992).
8. Subs. by s. 12, ibid., for ''four years'' (w.e.f. 8-7-1992).
9. The words ''and thereafter until his successor shall have been duly elected'' omitted by Act 45 of 2006, s. 14
(w.e.f. 16-10-2006).
10. The words ''or nominated'' omitted by Act 66 of 1988, s. 12 (w.e.f. 8-7-1992).
11. The words ''or re nomination'' omitted by s. 12, ibid. (w.e.f. 8-7-1992).
12. Ins. by s. 12, ibid. (w.e.f. 8-7-1992).
13. Ins. by Act 48 of 1973, s. 4 (w.e.f. 1-7-1974).
14. Subs. by Act 66 of 1988, s. 12, for ''A director'' (w.e.f. 8-7-1992).
15. Subs. by Act 3 of 1994, s. 9, for certain words (w.e.f. 15-10-1993).
16. The words ''and thereafter until his successor shall have been duly appointed or nominated'' omitted by Act 27 of 2010, s. 12
(w.e.f. 15-9-2010).
17. Subs. by Act 66 of 1988, s. 12, for certain words (w.e.f. 8-7-1992).
18. Subs. by s. 12, ibid., for sub-section (4) (w.e.f. 8-7-1992).
19. Subs. by Act 3 of 1994, s. 9, for certain words (w.e.f. 15-10-1993).