Chapter II ESTABLISHMENT AND CONSTITUTION OF THE CORPORATION

3.

1. (1) For the purposes of securing and assisting in the rapid and orderly establishment, and organisation of industries in industrial areas and industrial estates in the State of Gujarat, there shall be established by the State Government by notification in the Official Gazette, a Corporation by the name of the Gujarat Industrial Development Corporation.
2. (2) The Corporation shall be a body corporate with perpetual succession and a common seal, and may sue and be sued in its corporate name, and shall be competent to acquire, hold and dispose of property, both movable and immovable, and to contract, and do all things necessary for the purposes of this Act.

4.

1. (1) The Corporation shall consist of the following seven members, that is to say,
   • (a) two official members nominated by the State Government, of whom one shall be the Financial Adviser to the Corporation;
   • (b) one member nominated by the State Electricity Board constituted under the Electricity (Supply) Act, 1948;
   • (c) one member nominated by the Gujarat Housing Board constituted under the Gujarat Housing Board Act, 1961;
   • (d) two members nominated by the State Government, from amongst persons appearing to it either to be qualified by reason of experience of, and capability in, industry or trade or finance or to be suitable to represent the interests of persons engaged or employed therein; and
   • (e) the Chief Executive Officer of the Corporation, ex-officio, who shall also be the Secretary of the Corporation.
2. (2) The State Government shall appoint one of the members of the Corporation to be Chairman of the Corporation and may appoint one of the other members as Vice-Chairman.

5. A person shall be disqualified for being nominated as a member of the Corporation, if he,

1. (a) is an employee of the Corporation, not being the Chief Executive Officer thereof, or
2. (b) is of unsound mind and stands so declared, by a competent court, or
3. (c) is an undischarged insolvent.

6.

1. (1) The Chairman, Vice-Chairman (if any) and members of the Corporation nominated under clauses
   • (a) to
   • (d) of sub-section
2. (1) of section 4, shall hold office for a period upto the end of two years from the date of their nomination as members.
3. (2) The members of the Corporation nominated under clause
   • (a) or
   • (e) of sub-section
4. (1) of section 4 shall be entitled to draw such salary and allowances as may be prescribed. Such reasonable additional remuneration, as may be fixed by the State Government, may be paid to any member for extra or special services required to be rendered by him.
5. (3) The members of the Corporation nominated under clause (b),
   • (c) or
   • (d) of sub-section
6. (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 meetings of the Corporation or of any Committee thereunder or appointed in connection with the work undertaken by or for the Corporation, as may be prescribed.
7. (4) Any person nominated as a member shall, unless disqualified, be eligible for renomination.

7.

1. (1) The Corporation shall meet at such times and places, and shall subject to the provisions of sub-section
2. (2) observe such rules of procedure in regard to the transactions of its business as may be provided by regulations.
3. (2) A member, who is directly or indirectly concerned or interested in any contract, loan, arrangement or proposal entered into or proposed to be entered into, by or on behalf of the Corporation, shall at the earliest possible opportunity disclose the nature of his interest to the Corporation and shall not be present at any meeting of the Corporation when the contract, loan, arrangement or proposal is discussed, unless his presence is required by the other members for the purpose of eliciting information, and shall not vote thereon : Provided that, a member shall not be deemed to be concerned or interested as aforesaid by reason only of his being a share-holder of a company concerned in any such contract, loan, arrangement or proposal.

8.

1. (1) If a member --
   • (a) becomes subject to any of the disqualifications mentioned in section 5, or
   • (b) tenders his resignation in writing to, and such resignation is accepted by, the State Government, or
   • (c) is absent without the Corporation's permission from three consecutive meetings of the Corporation, or from all meetings of the Corporation for three consecutive months, or
   • (d) is convicted of an offence involving moral turpitude, he shall cease to be a member of the Corporation.
2. (2) The State Government may by order suspend from office for such period as it thinks fit, or remove from office any member of the Corporation, who in its opinion --
   • (a) has refused to act, or
   • (b) has become incapable of acting, or
   • (c) has so abused his position as member as to render his continuance on the Corporation detrimental to the interest thereof or of the general public, or
   • (d) is otherwise unfit to continue as a member.

9. Any vacancy of a member of the Corporation shall be filled as early as practicable, and in like manner as if the nomination were being made initially:

Proceedings presumed to be good and valid 11. No disqualification of, or defect in the appointment of any person acting as the Chairman or Vice-Chairman or a member of the Corporation, shall vitiate any act or proceeding of the Corporation, if such act or proceeding is otherwise in accordance with the provisions of this Act.

12.

1. (1) The State Government shall appoint a Chief Executive Officer, and a Cheif Accounts Officer of the Corporation.
2. (2) The Corporation may appoint such other officers and servants, subordinate to the officers mentioned sub-section (1), as it considers necessary for the efficient performance of its duties and functions.
3. (3) The conditions of appointment and service of the officers and servants and their scales of pay shall,
   • (a) as regards the Cheif Executive Officer and the Chief Accounts Officer, be such as may be prescribed, and
   • (b) as regards the other officers servants, be such as may be determined by regulations.