5. Conditions of service of 1[directors].
Conditions of service of 1[directors].—(1) The Chairman and other 2[directors] of each of the Corporations shall ordinarily be entitled to hold office for the period specified in the order of appointment, unless the appointment is terminated earlier by the Central Government:
Provided that any 2[director] may at any time by notice in writing addressed to the Central Government resign his office.
(2) Subject to the previous approval of the Central Government, each of the Corporations shall pay to every 2[director] thereof in respect of his office as such, 2[such remuneration by way of salary, allowances], fees or otherwise as may be determined by the Corporation, and to the Chairman in respect of his office as such, such remuneration, whether in addition to the remuneration to which he may be entitled in respect of his office as a 2[director] or otherwise, as it may similarly determine.
1. Subs. by Act 49 of 1971, sec. 2 (w.e.f. 1-2-1972).
2. Subs. by Act 49 of 1971, sec. 3 (w.e.f. 1-2-1972).