Tenure of Service of Director

1[ 12-A. (1) The Director shall hold office for a term of five years from the date on which he enters upon his office or until he attains the age of Sixty-five years, whichever is earlier; (2) Notwithstanding anything to the contrary in the Act, a Director who has not attained the age of Sixty-five years may be granted an additional tenure not exceeding three years, by the Visitor: Provided that the Director may by writing under his hand addressed to the Visitor resign from his office, and shall cease to hold his office upon the acceptance by the Visitor of such resignation.]

Summary