Constitution of Board.

(1) The State Government may by notification, constitute with effect from such date as may be specified therein, a Board to be called "the Madhya Pradesh Infrastructure Investment Fund Board' for the administration of the fund and to supervise or carry out the activities financed from the fund. (2) The Board shall be a body corporate by the name aforesaid having perpetual succession and a common seal and shall by the said name sue and be sued. (3) The Board shall consist of the following members, namely :— (a) the Chief Secretary to Government of Madhya Pradesh; (b) the Principal Secretary/Secretary to the Government of Madhya Pradesh, Finance Department; (c) the Principal Secretary/Secretary to Government of Madhya Pradesh, Water Resources Department; (d) the Principal Secretary/Secretary to Government of Madhya Pradesh, Revenue Department; (e) the Principal Secretary/Secretary to Government of Madhya Pradesh, Public Works Department; (f) the Principal Secretary/Secretary to Government of Madhya Pradesh, Planning Department; (g) the Secretary to Government of Madhya Pradesh, Finance Department (Institutional Finance); (h) two persons who have proven experience in development banking nominated by the State Government. (4) The Chief Secretary shall be the Chairman of the Board. (5) The Secretary (Institutional Finance) shall be the Fund Manager of the Board. (6) The Borad shall administer the fund vested in it in such manner as may be specified in the scheme. (7) The Board may, with the previous approval of the State Government, delegate to the Fund Manager such of its powers and functions under this Act or the scheme, as it may consider necessary for the efficient administration of the fund, subject to such restrictions and conditions, if any, as it may specify.