[(1) The Corporation shall consist of--
(a) a Chairman;
(b) a member (technical) and a member (finance);
(c) one representative from the Central Government;
(d) two representatives one each from the State Government of Jharkhand and West Bengal;
(e) three independent experts one each from the field of irrigation, water supply and generation or transmission or distribution of electricity; and
(f) a Member-Secretary.
(1A) The Chairman and members under clauses (a), (b), (d) and (f) of sub-section (1) shall be appointed by the Central Government in consultation with the State Governments concerned while the members under clauses (c) and (e) shall be appointed by the Central Government, by notification in the Official Gazette.
(1B) The Chairman and members under clauses (a), (b) and (f) of sub-section (1) shall be whole-time while the members under clauses (c), (d) and (e) shall be part-time.
(1C) The Chairman shall be the Chief Executive Officer of the Corporation.
(1D) Without prejudice to the provisions contained in sub-section (1C), the Member-Secretary shall be in charge of general administration and business development of the Corporation.]
(2) A person shall be disqualified for being appointed, or for continuing as, a member of the Corporation--
(a) if he is a member of [Parliament] or any State Legislature; or
(b) if he has, directly or indirectly, any interest in a subsisting contract made with, or in any work being done for, the Corporation except as a shareholder (other than a director) in an incorporated company provided that where he is a shareholder, he shall disclose to the Government the nature and extent of shares held by him in such Company.
(3) No act or proceeding of the Corporation shall be invalid by reason only of the existence of any vacancy amongst its members or any defect in the appointment of a member thereof.