(1) The Board of Governors of each Institute shall be the principal executive body of that Institute.
(2) The Board of each Institute shall consist of the following members, namely:---
(a) a Chairperson, from amongst eminent persons distinguished in the field of industry or education or science or technology or management or public administration or such other field,[to be nominated by the Visitor];
(b) one nominee of the Central Government having charge of the management education or his representative;
(c) one nominee of the respective State Government or representative of such nominees, within whose territorial jurisdiction the Institute is located;
(d) four eminent persons, of which at least one shall be a woman, distinguished in the field of education, industry, commerce, social service or public administration, to be nominated by the Board, having such experience and in such manner as may be specified by regulations;
(e) two members from the faculty of respective Institutes to be nominated by the Chairperson, in the manner to be laid down by the Board by regulations;
(f) one person from the Scheduled Castes or Scheduled Tribes to be nominated by the Board from amongst the members referred to in clauses (d), (e) and (g);
(g) up to five persons to be co-opted by the Board from the alumni or the members of society of the existing Institute who have distinguished themselves in the field of management:
Provided that out of such five persons, not more than one member shall be from the Society;
(h) three women members to be nominated by the Board from amongst the members referred to in clauses (d), (e) and (g);
(i) Director of the Institute, ex officio member.
(3) The Board may nominate a person to fill up any temporary vacancy, of a member referred to in clauses (d) and (g) of sub-section (2), for a period which may extend to three months.
(4) The Board shall designate an officer of the Institute to act as Secretary of the Board.
(5) The Chairperson shall have the power to invite any number of experts, not being members of the Board, to attend meetings of the Board, but such invitees shall not be entitled to vote at the meeting.
[(6) Notwithstanding anything contained in this section, if the Board is suspended or dissolved under such conditions or procedure as may be prescribed, the Central Government shall constitute an interim Board for a period of six months or till a regular Board is constituted as per the provisions of this Act.]