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5. Management.
- (1) The general superintendence, direction and management of
the affairs and business of the National Housing Bank shall vest in the Board
of Directors, which shall exercise all powers and do all acts and things, which
may be exercised or done by the National Housing Bank.
(2)Subject to the provisions of this Act, the Board, in
discharging its functions, shall act on business principles with due regard to
public interest.
(3)Subject to the provisions of sub section (1) and save
as otherwise provided in the regulations made under this Act, -
5[(a) the Chairman, if he is a whole-time director or
if he is holding offices both as the Chairman and the Managing Director,
or
(b)
the Managing Director, if the
Chairman is not a whole-time director, or if the Chairman being a
whole-time director, is absent,]
shall
also have powers of general superintendence, direction and management of the
affairs and business of the National Housing Bank and may also exercise all
powers and do all acts and things which may be exercised or done by the
National Housing Bank and shall act on business principles with due regard to
public interest.
(4)The Managing Director shall, in the discharge of his powers
and functions, follow such directions as the Chairman may give.
(5)In the discharge of its functions under this Act, the
National Housing Bank shall be guided by such directions in matters of policy
involving public interest as the Central Government, in consultation with the
Reserve Bank, or the Reserve Bank, may give in writing.
6. Board of Directors.- (1)The Board
of Directors of the National Housing Bank shall consist of the following,
namely:-
(a) a
Chairman and a Managing Director:
Provided that the same person may be appointed as Chairman
and Managing Director;
(b) 6[two
directors] from amongst the experts in the field of housing,
architecture, engineering, sociology, finance, law, management and corporate
planning or in any other field, special knowledge of which is considered useful
to the National Housing Bank;
7 [(c) two directors, who shall be persons with experience in the
working of institutions involved in providing funds for housing or engaged in
housing development or have experience in the working of financial institutions
or scheduled banks;
(ca) two
directors elected in such manner as may be prescribed by shareholders other
than the Reserve Bank, the Central Government and other institutions owned or
controlled by the Central Government;]
(d) two
directors from out of the directors of the Reserve Bank;
(e) three
directors from amongst the officials of the Central Government;
(f) two
directors from amongst the officials of the State Government.
(2) The
Chairman, the Managing Director and other directors 8[excluding the
directors referred to in clauses (ca) and (d)], shall
be appointed by the Central Government in consultation with the Reserve Bank
and directors referred to in clause (d) shall be nominated by the
Reserve Bank.
7. Term
of office of Chairman, Managing Director and other directors, service
conditions, etc.- (1) The Chairman and the Managing Director shall hold office
for such term, not exceeding five years and shall receive such salary and
allowances and be governed by such terms and conditions of service as the Central
Government may, in consultation with the Reserve Bank, specify and shall be
eligible for re-appointment:
Provided
that the Chairman or, as the case may be, the Managing Director shall,
notwithstanding the expiration of his term, continue to hold office until his
successor enters upon his office.
(2) The directors referred to in 9[clauses (b),
(c) and (ca)] of sub-section (1) of section 6 shall hold
office for a term of three years:
10 [ * * *
* * * * *
* *]
(3) The Central Government may, in consultation with the
Reserve Bank, remove the Chairman or the Managing Director, or any other
director referred to in sub-section (2), at any time before the expiry
of his term of office after giving him a reasonable opportunity of showing
cause against the proposed removal.
(4) Notwithstanding anything contained in sub-section (1)
and (3), the Central Government, in consultation with the Reserve Bank,
shall have the right to terminate the term of office of the Chairman or, as the
case may be, the Managing Director, at any time before the expiry of the term
specified under sub-section (1), by giving him notice of not less than
three months in writing or three months' salary and allowances in lieu thereof
and the Chairman or the Managing Director, as the case may be, shall also have
the right to relinquish his office at any time before the expiry of the term
specified under sub-section (1), by giving to the Central Government
notice of not less than three months in writing or three months' salary and
allowances in lieu thereof.
(5) The directors shall be paid such fees and allowances as may
be prescribed for attending the meetings of the Board or of any of its
committees and for attending to any other work of the National Housing Bank:
Provided
that no such fee shall be payable to any director, who is an official of the
Government or a director of the Reserve Bank.
8. Disqualifications.- No person shall be a director of the Board, if he-
(a) is, or
becomes of unsound mind and has been so declared by a competent court; or
(b) is or has
been convicted of any offence which, in the opinion of the Central Government,
involves moral turpitude; or
(c) is, or at
any time has been, adjudicated as insolvent or has suspended payment of his
debts or has compounded with his creditors; or
(d) has, for
any reason, been removed or dismissed from the service of -
(i) the
Government, or
(ii) the
Reserve Bank, the State Bank or any other bank, or
(iii) any
public financial institution, or state financial corporation,or
(iv) any other
corporation owned or controlled by the Government.
9. Vacation and resignation of office by directors.- (1) If a
director -
(a) becomes
subject to any of the disqualifications mentioned in section 8; or
(b) is absent
without leave of the Board for three or more consecutive meetings thereof,
his
seat shall thereupon become vacant.
(2)
Any director may resign his office by giving notice thereof in writing to the
authority that appointed or, as the case may be, nominated him and on his
resignation being accepted by such authority or if his resignation is not
sooner accepted, on the expiry of three months from the receipt thereof by such
appointing authority, he shall be deemed to have vacated his office.
10. Casual vacancy in the office of Chairman or Managing
Director.- If the Chairman, or as the case may
be, the Managing Director, is by infirmity or otherwise rendered incapable of
carrying out his duties or is absent on leave or otherwise, in circumstances
not involving the vacation of his appointment, the Central Government may,
appoint another person to act in his place during his absence.
11. Meetings of Board.- (1) The Board
shall meet at such times and places and shall observe such rules of procedure
in regard to the transaction of business at its meetings, as may be
prescribed.
(2) The Chairman, or, if for any reasons he is unable to attend a meeting of the Board, the Managing Director, or, in the event of both the Chairman and the Managing Director being unable to attend a meeting, any other director nominated by the Chairman in this behalf and in the absence of such nomination, any director elected by the directors present from among themselves at the meeting, shall preside at the meeting.
(2) The Chairman, or, if for any reasons he is unable to attend a meeting of the Board, the Managing Director, or, in the event of both the Chairman and the Managing Director being unable to attend a meeting, any other director nominated by the Chairman in this behalf and in the absence of such nomination, any director elected by the directors present from among themselves at the meeting, shall preside at the meeting.
(3) All questions which come up before any meeting of the Board shall be decided by a majority of votes of the directors present and voting, and in the event of any equality of votes, the Chairman, or, in his absence, the person presiding, shall have a second or casting vote.
12. Executive committee and other
committees.- .(1) The Board
may constitute an Executive Committee consisting of such number of directors as
may be prescribed.
(2) The Executive Committee shall discharge such functions as may be prescribed, or, as may be delegated to it, by the Board.
(3) The Board may constitute such other committees, whether consisting wholly of directors or wholly of other persons or partly of directors and partly of other persons as it thinks fit for such purposes, as it may decide and any committee so constituted shall discharge such functions as may be delegated to it by the Board.
(4) The Executive Committee or any other committee constituted under this section shall meet at such times and places and shall observe such rules of procedure in regard to transaction of business at its meetings, as may be prescribed.
13. Director of Board or member of committee thereof not to
participate in meetings in certain cases.-
Any director of the Board or any member of a committee, who has any direct or
indirect pecuniary interest in any matter coming up for consideration at a
meeting of the Board or a committee thereof, shall, as soon as possible after
relevant circumstances have come to his knowledge, disclose the nature of his
interest at such meeting and the disclosure shall be recorded in the minutes of
the Board, or the committee, as the case may be, and the director or member
shall not take any part in any deliberation or decision of the Board or the
committee with respect to that matter.
