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Section 6 – The Small Industries Development Bank of India Act,1989

The Small Industries Development Bank of India Act,1989

Section 6. Constitution of Board

(1) The Board shall consist of the following, namely:–

(a) The Chairman of the Development Bank, if he is a whole-time Chairman, and if he is not a whole-time Chairman, the Managing Director of that Bank, shall be the ex officio Chairman of the Small Industries Bank;

(b) Two Directors to be nominated by the Central Government from amongst its officials;

(c) One Director to be nominated by the Reserve Bank from amongst its officials of, or above, the rank of the Executive Director;

(d) Ten Directors to be nominated by the Development Bank, of whom-

(i) One shall be from amongst its officials;

(ii) One representing the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Development Act,1981 (61 of 1981);

(iii) One representing the Khadi and Village Industries Commission established under section 4 of the Khadi and Village Industries Commission Act,1956 (61 of 1981);

(iv) Seven from amongst the experts in industry in small-scale sector or co-operative sector or persons having such special knowledge or professional experience as the Development Bank may consider desirable or useful to the Small Industries Bank, or persons representing scheduled banks, State Financial Corporation, State Small Industries Corporations or the National Small Industries Corporation;

(e) The Managing Director, ex officio Director.

(2) Every Director referred to in clause (b), clause (c) or sub-clause (i) of clause (d) shall hold during the pleasure of the authority nominating him.

(3) Every Director, other than those referred to in sub-section (2), shall hold office for such term not exceeding three years as the Development Bank may specify in this behalf and shall be eligible for reappointment;

Provided that no such Director shall hold office continuously for a period exceeding six years.

(4) The Directors shall be paid such fees and allowances as may be prescribed for attending the meetings of the Board or any of its Committees and for attending to any other work of the Small Industries Bank.

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The Small Industries Development Bank of India Act,1989

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