Tenure of office of first Board of Directors of certain Co-operative Sugar Mills to be four years.

(1) Notwithstanding anything to the contrary contained in the Punjab Co-operative Societies Act, 1954 (Punjab Act XIV of 1955) or the rules made there under or the by-laws made by any Co-operative Sugar Mills in which the State Government has a financial interest, the tenure of the first Board of Directors of such Co-operative Sugar Mills, nominated by the State Government, shall be four years from the date of the first constitution of the Board. (2) All acts done by the first Board of Directors of any Co-operative Sugar Mills whose tenure of office would have expired by the lapse of Punjab Co-operative Sugar Mills (Tenure of Board) Ordinance, 1959 (Punjab Ordinance No. 3 of 1959), shall be deemed to be valid.