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Section 14 – The Unit Trust of India Act,1963

The Unit Trust of India Act,1963

Section 14. Chairman and executive trustee

(1) The appointment of a Chairman or of an executive trustee may be either whole-time or part-time:

Provided that if the appointment of the Chairman is part-time, the appointment of the executive trustee shall be whole-time.

(2) The Chairman or the executive trustee shall-

(a) Hold office for such term not exceeding five years as the Reserve Bank may specify;

(b) Receive such salary or allowances or both from the Trust and be governed by such terms and conditions of service as the Reserve Bank may determine; and

(c) Perform such functions as the Board may entrust or delegate to him.

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The Unit Trust of India Act,1963

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