7Directors.

(1) The board of directors referred to in section 6 shall consist of the following, namely:--
(a) six directors to be nominated by the Central Government;
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(c) one director to be nominated by the State Bank;
(d) one director to be elected by other scheduled banks;
(e) one director to be elected by co-operative societies;
(f) one director to be elected by insurance companies, investment trusts and other financial institutions, recognised associations and companies dealing in agricultural produce or notified commodities;
²[(ff) three directors to be appointed by the Central Government;]
(g) a managing director, appointed by the Central Government in consultation with the directors referred to in clauses (a) to (f):
Provided that the three directors to be elected under clauses (d), (e) and (f) may, for the first constitution of the board of directors, be nominated by the Central Government in such manner as to give representation to each class of institutions (whether they have become shareholders of the Corporation or not) referred to in those clauses, but a director so nominated shall hold office only until he is replaced by a director elected as provided in that clause, and the director so elected shall hold office only for so long as the director replaced would have held office had he not been replaced.
(2) The directors referred to in clauses (d), (e) and (f) of sub-section (1) shall be elected in the prescribed manner.
(3) If, within the period prescribed in this behalf, or within such further period as the Central Government may allow, the institutions referred to in clause (d) or clause (e) or clause (f) of sub-section (1) fail to elect a director, the Central Government may nominate a director to fill the vacancy.
(4) The board of directors shall have a Chairman ³*** who shall be appointed by the Central Government from among the directors.
²[(4A) The directors appointed under clause (ff) of sub-section (1) shall be entitled to receive such salary and allowances as the Central Warehousing Corporation may, with the approval of the Central Government, determine.]
(5) The managing director shall--
(a) exercise such powers and perform such duties as the board of directors or the Central Warehousing Corporation may entrust or delegate to him; and
(b) receive such salary and allowances as the Central Warehousing Corporation may, with the approval of the Central Government, fix.
(6) The directors of the Central Warehousing Corporation other than the managing director shall be entitled to receive by way of remuneration such sums as the Central Warehousing Corporation may, with the approval of the Central Government, fix:
Provided that no official director shall be entitled to receive any remuneration other than the allowances, if any, admissible to him under the rules regulating his conditions of service.
(7) The term of office of, and the manner of filling casual vacancies among, the directors shall be such as may be prescribed.