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The Industrial Development Corporation Ordinance, 1962

( Ordinance NO. XXXVII Of 1962 )

Appointment and term of office of Directors
6. (1) The Board shall consist of such number of Directors, not less than three and not more than five, as may be appointed by the Government.
 
 
 
 
(2) Each Director shall-
 
 
 
 
(a) be a whole-time officer of the Corporation;
 
 
 
 
(b) perform such duties as the Board may, by regulations assign to him;
 
 
 
 
(c) divest himself of any directorship or other interest held by him in any other Corporation, company or concern other than public companies sponsored by the Corporation under sub-section (5) of section 15 before assuming office as Director;
 
 
(d) subject to the provisions of section 9, hold office for a term of three years and may be appointed thereafter for a further term or terms of such duration as the Government may, in appointing him thereto, determine; and
 
 
 
 
(e) receive such salary and allowances as the Government may determine:
 
 
 
 
Provided that the Government may, in exceptional circumstances where it considers it necessary to do so in the public interest, exempt, by a special order, any person, who has been appointed or is about to be appointed a Director, from the application of clauses (a) and (c).
 
 
 
 
(3) One of the Directors appointed under sub-section (1) shall be the Financial Director, who shall exercise such powers and discharge such duties as may be prescribed.

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Ministry of Law, Justice and Parliamentary Affairs