The Sick Industrial Companies Act,1985
6. TERM OF OFFICE, CONDITIONS OF SERVICE, ETC., OF CHAIRMAN AND OTHER MEMBERS.
(1) Before appointing any person as the Chairman or other member, the Central Government shall satisfy itself that the person does not and will not, have any such financial or other interest as is likely to affect prejudicially his functions as such Member.
(2) The chairman and every other member shall hold office for such period, not exceeding five years, as may be specified by the Central Government in the order of his appointment, but shall be eligible for reappointment :
Provided that no person shall hold office as the chairman or other member after he has attained the age of sixty-five years.
(3) Notwithstanding anything contained in sub-section (1) a Member may –
(a) by writing under his hand and addressed to the Central Government resign his office at any time;
(b) be removed from his office in accordance with the provisions of section 7.
(4) A vacancy caused by the resignation or removal of the Chairman or any other member under sub-section (3) or otherwise shall be filled by fresh appointment.
(5) In the event of the occurrence of a vacancy in the office of the chairman by reason of his death, resignation or otherwise, such one of the Members, as the Central Government may, by notification, authorise in this behalf shall act as the chairman till the date on which a newChairman, appointed in accordance with the provisions of this Act to fill such vacancy, enters upon his office.
(6) When the chairman is unable to discharge his functions owing to absence, illness or any other cause, such one of the Members as the chairman may authorise in writing in this behalf shall discharge the functions of chairman, till the date on which the chairman resumes his duties.
(7) The salaries and allowances payable to and the other terms and conditions of service of the chairman and other members shall be such as may be prescribed :
Provided that neither the salary and allowances nor the other terms and conditions of service of the Chairman or any other Member shall be varied to his disadvantage after his appointment.
(8) The Chairman and every other Member shall before entering upon his office, make a declaration of fidelity and secrecy in the form set out in the Schedule.
(9) The Chairman or any other Member ceasing to hold office as such shall not hold any appointment or be connected with the management or administration in any company in relation to which any matter has been the subject-matter of consideration before the Board, or as the case may be, the Appellate Authority, for a period of five years from the date on which he ceased to hold such office.