Power to appoint Government nominee

78.(1) Where the Government has subscribed to the share capital of a society or the Government has guaranteed the repayment of the Principal of and payment of interest on debentures issued or loans raised by a society, the Government shall have the right to nominated (not more than three) representative on the committee of such society, in such manner as may be determined by the Government from time to time. The members so nominated shall hold office during the pleasure of the Government or for such period as may be specified in the order by which they are appointed.