(1) Subject to the provisions of sub-section (3), the Chairman or any other Member,except an ex officio Member, the Nominated Member and an elected Member, shall only be removed from his office by order of the President of India on the ground of misbehavior after the Supreme Court, on a reference being made to it by the President, has, on inquiry held in accordance with such procedure as the Supreme Court may by rules provide, reported that the Chairman or such other Member, as the case may be, ought, on such ground, be removed.
(2) The President may suspend from office the Chairman or other Member except an ex officio Member, the Nominated Member or an elected Member, in respect of whom a reference has been made to the Supreme Court under sub-section (1) until the President has passed orders on receipt of the report of the Supreme Court on such reference.
(3)Notwithstanding anything contained in sub-section (1), the President may, by order, remove the Chairman or any Whole-time Member from his office if such Chairman or such Whole-time Member--
(a) ceases to be a citizen of India; or
(b) is adjudged an insolvent; or
(c) engages during his term of office in any paid employment outside the duties of his office; or
(d) is convicted of any offence involving moral turpitude;or
(e) is, in the opinion of the President, unfit to continue in office by reason of infirmity of body or mind:
Provided that the President may, by order, remove any Part-time Member from his office if he is adjudged an insolvent or is convicted of any offence involving moral turpitude or where he is, in the opinion of the President, unfit to continue in office by reason of infirmity of body or mind.
(4) If the Chairman or any Whole-time Member, except any ex officio Member, the Nominated Member or any elected Member, is, or becomes in anyway concerned or interested in any contract or agreement made by or on behalf of the Corporation or the Government of India or the Government of a State or,participates in any way in the profit thereof, or in any benefit or emolument arising therefrom than as a member, and in common with other members of an incorporated company, he shall, for the purposes of sub-section (1), be deemed to be guilty of misbehaviour.
(5) If a Part-time Member is, or becomes in any way concerned, or interested in any contract or agreement made by or on behalf of the Corporation, he shall, for the purposes of sub-section (1), be deemed to be guilty of misbehaviour.
(6) The Chairman or any other Member may resign his office by giving notice thereof in writing to the President of India and on such resignation being accepted, the Chairman or other Member shall be deemed to have vacated his office.