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Section 41 – The Unit Trust of India Act,1963

The Unit Trust of India Act,1963

Section 41. Power of Central Government to reconstitute Board

(1) Notwithstanding anything contained in section 10 or section 11, where the whole of the initial capital has been refunded to the contributing institutions, the Central Government may, after consultation with the Reserve Bank, by order, provide for the reconstitution of the Board.

(2) An order made under sub-section (1) may provide for all or any of the following matters, namely:–

(a) The number of trustees that will constitute the Board;

(b) The manner in which they shall be chosen:

(c) Their terms of office;

(d) Filling of casual vacancies;

(e) Such incidental, consequential and supplementary matters as may be necessary to give effect to the order including the reconstitution of the executive committee or other committees.

(3) Every order made under this section shall be published in the Official Gazette and a copy thereof shall be laid before each House of Parliament as soon as may be after it is made.

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The Unit Trust of India Act,1963

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