[8. [(1) The Board of Directors shall consist of the following Directors, namely:-
(a) Minister-in-Charge of the Ministry or Division dealing with shipping, ex-officio, who shall also be its Chairman;
(b) Secretary of the Ministry or Division dealing with shipping, ex-officio;
(c) Joint Secretary (Statutory bodies wing), Finance Division, ex-officio;
(d) Managing Director of the Corporation, ex-officio;
(e) Executive Director (Finance) of the Corporation, ex-officio;
(f) Executive Director (Technical) of the Corporation, ex-officio;
(g) Executive Director (Commercial) of the Corporation, ex-officio;
(h) Shareholders elected under clause (2).]
(2) Where the Government permits public subscription, the public share-holders may elect-
(a) one Director, when the capital subscribed for by the public exceeds 20% but does not exceed 34% of the total shares subscribed;
(b) two Directors, when the capital subscribed for by the public exceeds 34% of the total shares subscribed;
(3) The Directors under clause (2) shall be elected in such manner as may be prescribed.
(4) A Director other than an ex-officio Director, shall hold office for a period of two years from the date of the notification of his election or, as the case may be, appointment:
Provided that notwithstanding the expiration of his term, a Director shall continue to hold office until his successor enters upon his office.]
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