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The Industrial Development Corporation Ordinance, 1962

( Ordinance NO. XXXVII Of 1962 )

5. (1) The general direction and administration of the Corporation and its affairs shall vest in the Board which may exercise all powers and do all acts and things which may be exercised or done by the Corporation in accordance with the provisions of this Ordinance.
(2) The Board, in discharging its functions shall act on commercial considerations and shall be guided by such directions as the Government may give it from time to time.
(3) If the Board fails to obey any direction as aforesaid, the Government may remove the Directors including the Chairman, and, notwithstanding anything in section 6, appoint persons in their place to be Directors temporarily until fresh Directors are appointed under that section.

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