The Unit Trust of India Act,1963
Section 10. Board of trustees
The Board of trustees shall consist of the following, namely.
(a) The Chairman to be appointed by the Reserve Bank;
(b) Four trustees to be nominated by the Reserve bank, of whom not less that three shall be persons have special knowledge of, or experience in, commerce, industry, banking, finance or investment;
(c) One trustee to be nominated by the Life Insurance Corporation;
(d) One trustee to be nominated by the State Bank;
(e) Two trustees to be elected in the prescribed manner by the contributing institutions referred to in clause (d) of sub-section (2) of section 4; and
(f) An executive trustee to be appointed by the Reserve Bank:
Provided that if the appointment of the Chairman is whole-time, it shall not be necessary to appoint an executive trustee:
Provided further that on the first constitution of the Board, the trustees referred to in clause (e) shall be nominated by the Reserve Bank and shall hold office for a period of twelve months from the date of their nomination or until two trustees are elected under the said clause, whichever may be earlier.