(1) (a) The Chairman, Vice- Chairman and Directors of the Corporation nominated by the Government shall hold office during the pleasure of the Government.
(b) The director nominated under clauses (b) and (c) of sub-section(1) of section 22-C shall hold office during the pleasure of respective Board.
(2) The Directors of the Corporation nominated under clause (a) or (e) of subsection (1) of section 22-C shall be entitled to draw such salary and allowances as may be prescribed. Such reasonable additional remuneration, as may be fixed by the Government, may be paid to any Director for extra or special services required to be rendered by him.
(3) The Directors of the Corporation nominated under clause (b), (c) or (d) of sub-section (1) of section 22-C shall be entitled to draw such honorarium of compensatory allowance for the purpose of meeting the personal expenditure in attending the meetings of the Corporation or of any Committee thereof or in doing or for performing any work connected with the functions of the Corporation which may be specially entrusted to them by the Corporation or by any Committee thereof as may be prescribed.
(4) Any person nominated as a Director shall, unless disqualified, be eligible for re nomination.