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.
