Chapter II ESTABLISHMENT AND INCORPORATION OF NEW DELHI INTERNATIONAL ARBITRATION CENTRE

(1) The Central Government shall, by notification, establish a body to be called the India International Arbitration Centre for the purposes of exercising the powers and discharging the functions under this Act. (2) The Centre shall be a body corporate by the name aforesaid, having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to enter into contract, and shall, by the said name, sue or be sued.

(1) Whereas, the objects of the India International Arbitration Centre are such as to make it as an institution of national importance, it is hereby declared that the India International Arbitration Centre is an institution of national importance. (2) The head office of the Centre shall be at New Delhi and it may with the previous approval of the Central Government, establish branches at other places in India and abroad.

The Centre shall consist of the following Members, namely:–– (a) a person, who has been a Judge of the Supreme Court or a Judge of a High Court or an eminent person, having special knowledge and experience in the conduct or administration of arbitration, law or management, appointed by the Central Government in consultation with the Chief Justice of India––Chairperson; (b) two eminent persons having substantial knowledge and experience in institutional arbitration, both domestic and international, appointed by the Central Government––Full-time Members or Part-time Members; (c) one representative of a recognised body of commerce and industry, chosen on rotational basis by the Central Government––Part-time Member; (d) Secretary, Department of Legal Affairs, Ministry of Law and Justice or his representative, not below the rank of the Joint Secretary––Member, ex officio; (e) one Financial Adviser nominated by the Department of Expenditure, Ministry of Finance––Member, ex officio; and (f) Chief Executive Officer––Member, ex officio.

(1) The Chairperson and Members shall hold office for a term of three years from the date on which they enter upon their office and shall be eligible for re-appointment: Provided that no Chairperson or Member shall hold office as such after he has attained the age of seventy years in the case of Chairperson and sixty-seven years in the case of a Member. (2) The terms and conditions, salaries and allowances payable to the Chairperson and Full-time Member shall be such as may be prescribed. (3) The term of office of a Member appointed to fill a casual vacancy shall be for the remainder of the term of the Member in whose place he has been appointed. (4) The Part-time Member shall be entitled to such travelling and other allowances as may be prescribed.