(1) The Central Government may, by notified order, appoint a botiy of persons (hereinafter referred to as1 the "Board of Control") to' take over the management of the whole or any part of the undertaking of the company or to Exercise in respect of the whble or any part thereof such functions of management as may be specified in the notified order.
(2) The Board of Control shall consist of a Chalitoan and' such number of other members not exceeding ten as the Central Government may think fit, to be appointed by that Government.
, S E C 1] THE GAZpTTE OF INDIA EXTRAORDINARY 223 (?) The Central Government may either in the notified order issued under sub-section (I) cr in a rubsequent order specify that one or more members of the Board of Control shall be a full-time member or full-time members thereof.
(4) The term of office of, the procedure to be followed in the discharge of their functions by, and the manner of ftyling vacancies among, the members of the. Board of Control ehall (be such as may be prescribed.
(5) The salaries, allowances . and other remuneration and the conditions of service of the members of the Board of Control shall be such as may be determined by the Central Government.
(6) Any notified order irsued under sub-section (1) shall have effect for such, period, not exceeding five years as may be. specified in the order:
Provided that if the Central Government is of opinion that in order to secure the proper management of the undertaking of the company it is expedient that any such not'fled order should continue in force after the expiry of the period of five years as aforesaid, it may, from time to time, isaue directions for such continuance for such period, not exceeding two >years at ,a time, as .may be specified in- the directions, so however, that-the total period of such-coijitimiance shall not exceed ten years; and where any-such direction, .is Jssued, a copy thereof shall 1 be l&id, *o BQon-as îaay be,,, before b^h Houses of Parliament.