Corporation.

Resignation by or removal of Managing Director or Directors.—

Notwithstanding anything contained in this Act, the Managing Director or a Director, at any time before the expiry of his term and upon three months’ notice, resign his office, or upon similar notice, be removed from office by the Government without assigning any reason: Provided that Government may, upon payment of three months’ salary and allowances in lieu of the notice, remove the Managing Director immediately without assigning any reason.