Appointment of Subordinate Officers

(1) The Corporation may subject to the provisions of this Act and the rules made thereunder from time to time determine what officers and other servants of the Corporation are necessary for the Corporation and may make appointments of such officers and servants and fix their salaries and allowances. (2) The Corporation may delegate to the Chairman the power to appoint and dismiss such officers and servants as it may deem fit. (3) No appointment to and dismissal from the post of any officer or servant carrying a monthly salary rising by periodical increments to more than three hundred rupees shall be made by the Corporation under sub-section (1) or by the Chairman under sub-section (2) without the approval of the State Government. (4) No person shall be eligible for employment as an officer or servant of the Corporation if he has, directly or indirectly by himself or his partner or employer or employee, any share or interest in any contract or employment with, by, or on behalf of the Corporation and if any such officer or servant subsequently acquires such share or interest he may be removed from service in accordance with rules which may be prescribed. In the principal Act, section 53 shall be omitted.