law: Credit Information Companies (Regulation) Act, 2005 
  hapter III: Management
  
  of Credit Information Companies
  9. Management of
  
  credit information company.- 
  1.     
  
    Notwithstanding
  
  anything contained in any law for the time being in force, or in any contract
  
  to the contrary, every credit information company in existence on the
  
  commencement of this Act, or which comes into existence thereafter, shall have
  
  one of its directors, who may be appointed on whole-time or on a part-time
  
  basis as chairperson of its board, and where he is appointed on whole-time
  
  basis as chairperson of its board, he shall be entrusted with the management of
  
  the whole of the affairs of the credit information company: Provided that the
  
  chairperson of the board of the credit information company shall exercise his
  
  powers subject to the superintendence, control and directions of the board.
  2.     
  
    Where
  
  a chairperson is appointed on a part-time basis, the management of whole of the
  
  affairs of the credit information company shall be entrusted to a managing
  
  director or, a whole-time director by whatever name called, who shall exercise
  
  his powers subject to the superintendence, control and directions of the board.
  3.     
  
    In
  
  addition to the chairperson or managing director or whole-time director, by
  
  whatever name called, the board of directors shall consist of not less than
  
  fifty per cent. directors who shall be persons having special knowledge in, or
  
  practical experience of, the matters relating to public administration, law,
  
  banking, finance, accountancy, management or information technology.
  4.     
  
    In
  
  discharging its functions, the board shall act on business principles and shall
  
  have due regard to the interest of its specified users, credit institutions or
  
  the clients or borrowers of credit institutions.
  5.     
  
    Where
  
  the Reserve Bank is satisfied that it is in the public interest or in the
  
  interest of banking policy or credit system of the country, or for preventing
  
  the affairs of any credit information company being managed in a manner
  
  detrimental to the interest of banking policy or credit institutions or
  
  borrowers or clients or for securing the proper management of any credit
  
  information company, it is necessary so to do, the Reserve Bank may, for
  
  reasons to be recorded in writing, by order published in the Official Gazette,
  
  supersede the board of such company, for such period not exceeding six months,
  
  as may be specified in the order and which may be extended from time to time,
  
  so, however, that the total period shall not exceed twelve months: Provided
  
  that before making any such order, the Reserve Bank shall give a reasonable
  
  opportunity to the board of such credit information company to make
  
  representation against the proposed supersession and shall consider the
  
  representation, if any, of the board.
  6.     
  
    The
  
  Reserve Bank may, on supersession of the board of a credit information company
  
  under sub-section (5), appoint an Administrator for such period and on such
  
  salary and other terms and conditions as it may determine.
  7.     
  
    The
  
  Reserve Bank may issue such directions to the Administrator as it may deem
  
  appropriate and the Administrator shall be bound to follow such directions.
  8.     
  
    Upon
  
  making of the order under sub-section (5), superseding the board of a credit
  
  information company- 
  a.     
  
    the
  
  chairperson, managing director and other directors of such credit information
  
  company shall, as from the date of supersession, vacate their offices as such;
  b.    
  
    all
  
  the powers, functions and duties which may, by or under the provisions of the
  
  Companies Act, 1956 (1 of 1956) or this Act or any other law for the time being
  
  in force, be exercised or discharged, by or on behalf of the board of such
  
  credit information company, or by a resolution passed in general meeting of
  
  that company, shall, until the reconstitution of its board under sub-section
  
  (10), be exercised and discharged by the Administrator appointed by the Reserve
  
  Bank under sub-section (6):
  Provided that the powers exercised by the
  
  Administrator shall be valid notwithstanding that such powers are exercisable
  
  by a resolution passed in the general meeting of such credit information
  
  company.
  1.     
  
  
  2.     
  
  
  3.     
  
  
  4.     
  
  
  5.     
  
  
  6.     
  
  
  7.     
  
  
  8.     
  
  
  9.     
  
    The
  
  salary and allowances payable to the Administrator and staff assisting the
  
  Administrator shall be borne by the credit information company.
  10.  
  
    On
  
  and before the expiration of two months before expiry of the period of
  
  supersession mentioned in the order of the Reserve Bank issued under
  
  sub-section (5), the Administrator of the credit information company, shall
  
  call a general meeting of the credit information company to elect new directors
  
  and reconstitute its board and any person who had vacated his office under
  
  clause (a) of sub-section (8), shall not be deemed to be disqualified for
  
  re-appointment.
  11.  
  
    Notwithstanding
  
  anything contained in any law for the time being in force or in any contract or
  
  the memorandum or articles of association, of the credit information company,
  
  on the removal of a person from office under this section, that person shall
  
  not be entitled to claim any compensation for the loss or termination of
  
  office.