7. The Board of Directors shall consist of the following, namely:- (a) four Directors to be appointed by the Government; and (b) not more than three Directors to be elected in the prescribed manner by the shareholders of the Corporation other than the Government at any time being determined in accordance with the following table:-(c) The Managing Director to be appointed by the Government under section 9: Provided that when the Board is first constituted the Directors referred to in clause (b) shall be appointed by the Government in accordance with the table given in the said clause from amongst the shareholders and shall, for the purpose of this Act, be deemed to be elected Directors.

If the total number of shares subscribed to by the shareholders other than the Government is equal to or exceeds:	The number of elected Directors shall be:
16-1/3 per centum of the total number of shares issued at the time.	One.
32-2/3 per centum of the total number of shares issued at the time.	Two.
49 per centum of the total number of shares issued at the time.	Three.
 	 
Provided that when the Board is first constituted the Directors referred to in clause (b) shall be appointed by the Government in accordance with the table given in the said clause from amongst the shareholders and shall, for the purpose of this Act, be deemed to be elected Directors.