law: Export-Import Bank of India Act, 1981
  32. Arrangement with
  
  Exim Bank on appointment of directors to prevail.-
  1.  
  
    Where
  
  any arrangement entered into by the Exim Bank with a company provides for the
  
  appointment by the Exim Bank of one or more directors of such company, such
  
  provision and any appointment of directors made in pursuance thereof shall be
  
  valid and effective notwithstanding anything to the contrary contained in the
  
  Companies Act, 1956 (1 of 1956), or in any other law for the time being in
  
  force or in the memorandum, articles of association or any other instrument
  
  relating to the company, and any provision regarding share qualification,
  
  agelimit, number of directorships, removal from office of directors and such
  
  like conditions contained in any such law or instrument aforesaid, shall not
  
  apply to any director appointed by the Exim Bank in pursuance of the arrangement
  
  as aforesaid.
  2.  
  
    Any
  
  director appointed as aforesaid shall--
  a.  
  
    hold
  
  office during the pleasure of the Exim Bank and may be removed or substituted
  
  by any person by order in writing of the Exim Bank;
  b.  
  
    not
  
  incur any obligation or liability by reason only of his being a director or for
  
  anything done or omitted to be done in good faith in the discharge of his
  
  duties as a director or anything in relation thereto;
  c.  
  
    not
  
  be liable to retirement by rotation and shall not be taken into account for
  
  computing the number of directors liable to such retirement.