(1)Where the Government,-
(a)have subscribed to the share capital of an apex or a central society; or
(b)have assisted indirectly in the formation or augmentation of the share capital of an apex or a central society; or
(c)have guaranteed the repayment of principal and payment of interest on debentures issued by an apex or a central society; or
(d)have guaranteed the repayment of principal and payment of interest on loans and advances to an apex or a central society, 39a[the Government or any other authority shall have the right to nominate not more than two persons to the committee of an Assisted Apex or Central Society.]
(2)A person nominated to the committee of an apex or a central society under sub-section (1) shall hold office during the pleasure of the Government or the specified authority, as the case may be.
39b[(2A) The person nominated under sub-section (1) shall not be eligible to hold the office of the president/chairman or vice president/vicechairman of the Apex or Central Society nor will be eligible for being sent as the delegate of the Apex or Central Society]
(3)A person nominated to the committee of an apex or a central society under sub-section (1) shall not take part in the discussion of any noconfidence motion or vote on any such motion.
39c[ xxx]] 39 substituted by Act 19 of 1987 39a substituted, 39b inserted & 39c omitted by Act 8 of 2013