Power to borrow

The Board may, with the prior approval of the Government and subject to such conditions as may be prescribed, borrow money from the Government or any other financial institution for the purpose of carrying out the provisions of this Act. (1) A Director appointed under sub-section (3) of section 6 shall hold office for a period of three years. (2) Notwithstanding anything contained in section 8, the Government at any time, for reasons to be recorded in writing, remove from his office, any Director of the Board and such removal shall be made after giving him a reasonable opportunity of showing cause against proposed removal: Provided that it shall not be necessary to record in writing, the reasons for removal or to give an opportunity of showing cause against the proposed removal, if the Government are of the opinion that it is not expedient in the public interest; to record the reasons in writing or to give such opportunity. (3) Any Director may resign his office by giving notice in writing to the Government but, he shall continue in office till the resignation is accepted by the Government. The Government may, by notification in the Gazette, make rules for the purpose of carrying into effect the provisions of this Act.