Terms of office and conditions of service of Directors

(1) The Chairman and directors of the Corporation nominated under clauses (g), (h), and (hh) of sub-section (1) of section 4, shall hold office for a period of 3 years from the date of their nomination unless their term of office is terminated earlier by the State Government. (2) The director of the Corporation nominated under clauses (e), (f), (g), (h) and (hh) of sub-section (1) of section 4 shall be entitled to draw such honorarium or compensatory allowance for the purpose of meeting the personal expenditure in attending the meeting of the Corporation or of any Committee thereof or when appointed in connection with the work undertaken by or for the Corporation as may be prescribed. (3) It is hereby declared that the office of Director or Chairman of the Corporation, in so far as it is an office of profit under the Government of India, or the Government of any State, or the Government of any Union Territory shall not disqualify the holder for being chosen as, and for being member of the Legislative Assembly of Goa. The land rate per square meter and the lease rent of a plot in the Industrial Estate shall be fixed by the Corporation every year, in the month of March, and the Corporation may alter the land rate from time to time with reference to the prevailing market rates. For any plot allotted by the Corporation under special priority as stipulated under clause 5 (4) (c) (i) above, an additional premium of 50% shall be applicable over and above the land rate applicable at the time of allotment. (i) Transfer is prohibited in following cases:— (a) Plot without building construction; (b) Plot with partial building construction; (c) For the purpose of starting a new liquor or tobacco industry; (d) Transfer with change in use in the descending order, amongst the categories (1), (2), (3), (4) and (5) listed below:— (1) Industrial Undertaking; (2) Institutions; (3) Service Industry; (4) Utilities; (5) Commercial activity. (ii) Exceptions to prohibited transfers under clauses 6 (i) above:— (1) Formal transfers specified under Schedule-IA; (2) Formal transfers specified under Schedule II; and (3) Transfers under sub-clause 5, 6 & 7 of Schedule III. (4) Transfer involving existing liquor or tobacco manufacturing units strictly subject to the decision and direction of the Government. (iii) Action in the event the possession is handed over in categories covered under prohibited transfers.— In an event the allottee hands over the possession of the plot to a third party under the category of prohibited transfers specified under clause 6 (i) above, the Corporation shall summarily re-enter upon and resume the possession of the plot.