(1) With effect from such date as the Central Government may, by notification in the Official Gazette, appoint, there shall be constituted by the Central Government for the purposes of this Act, a Board to be known as the Board of Governors consisting of the following members, namely:—
         (a) the President to be appointed by the Central Government in such manner as may be provided by the Statutes:
     Provided that the first President shall be appointed by the Central Government on such terms and conditions as it deems fit, for a period not exceeding six months from the date the first Statutes comes into force;
        (b) the Director of the Institute, ex officio;
        (c) two persons from the Board of Directors of the promoting companies to be nominated by the Central Government.
         Explanation.—For the purposes of this clause, promoting companies mean those companies contributing to the endowment fund referred to in section 25;
         (d) one Professor of the Indian Institute of Science, Bangalore to be nominated by the Director of that Institute;
         (e) five eminent experts in the field of petroleum technology, renewable and non-renewable energy covering the entire hydrocarbon value chain having specialised knowledge or operational experience in respect of education, research, engineering and technology to be nominated by the General Council, in consultation with the Director of the Institute;
         ( f) two Professors of the Institute to be nominated by the Senate of the Institute; and
         (g) one representative of the graduates of the Institute to be nominated by the Executive Committee of the Alumni Association.
     (2) The Registrar of the Institute shall act as the Secretary of the Board.
     (3) The Board shall ordinarily meet four times during a calendar year.