(1) The Managing Director shall be appointed by the State Government and he shall-
(i) be a whole time officer of the Nigam ;
(ii) exercise such powers and perform such duties as the Board may delegate or entrust to him;
(iii) receive such salary and allowances and be governed by such terms and conditions of service as. the Nigam may, with the approval of the State Government, determine:
Provided that the first Managing Director shall receive such salary and allowance and shall be governed by such terms and conditions of service as the State Government may determine.
(2) The State Government may at any time remove the Managing Director from office without assigning any reason therefor.
12. If the Managing Director is by infirmity or otherwise, rendered incapable of carrying out his duties or is absent on. leave or otherwise, in circumstances not involving the vacation of his appointment, the State Government may appoint another person to act in. his place during his absence.
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such n functio (~ directo of tihe (3 by the other v ~.: indirec ';~oard the dis case ill decisio clarific 1~ necesss (2 conditi regulat (3 appoin officers (4 ment D '(1 b. .,' . ~rt\ r1!W (
13. Directors, save as otherwise provided ill section 11 shall be paid such fees «;"Y- , , ,J \ allowances as may be provided by regulations for attending tihe meetings of-7the Board or of any of its committees and for attending to any other work of the Nigam : at the '> " any of
Provided that no fee shall be payable under this, section to' the Chairman, Managi-« and an Director or any other Director who is a Minister or an Officer of the State Governme II serve iJ or of the Central Government.
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