9. (1) The Board of Directors shall consist of a Chairman, a Managing Director and not less than six and not more than ten other Directors, to be appointed by the Government: Provided that when there are shareholders other than the Government, such shareholders shall elect, in such manner as may be prescribed, from amongst themselves-(a) one Director, when the number of shares subscribed for by them exceeds twenty per cent, but does not exceed thirty-four per cent of the total shares;(b) two Directors, when the number of shares subscribed for by them exceeds thirty-four per cent of the total shares. (2) The Chairman, the Managing Director and the other appointed Directors shall hold office for such period and on such terms and conditions as the Government may determine. (3) An elected Director shall hold office for a term of two years and shall continue in office thereafter until his successor is elected, and shall be eligible for re-election. (4) A casual vacancy in the office of an elected Director shall be filled by election and the person elected to fill such vacancy shall hold office for the unexpired period of the term of his predecessor: Provided that it shall not be necessary to fill a casual vacancy in the office of an elected Director for a period of less than three months.