law: Export-Import Bank of India Act, 1981
  6. Constitution of
  
  Board.-
  1.  
  
    The
  
  Board of Directors of the Exim Bank shall consist of the following, namely:--
  a.  
  
    a
  
  chairman and a managing director appointed by the Central Government: Provided
  
  that the same person may be appointed to function both as chairman and as
  
  managing director;
  b.  
  
    one
  
  director nominated by the Reserve Bank;
  c.  
  
    one
  
  director nominated by the Development Bank;
  d.  
  
    one
  
  director nominated by the Export Credit and Guarantee Corporation Limited,
  
  being a Government Company within the meaning of section 617 of the Companies
  
  Act, 1956 (1 of 1956);
  e.  
  
    not
  
  more than twelve directors nominated by the Central Government of whom—
   
  
   i.  
  
    five
  
  directors shall be officials of the Central Government;
   
  
   ii.  
  
    not
  
  more than three directors shall be from the scheduled banks;
   
  
   iii.  
  
    not
  
  more than four directors shall be persons who have special knowledge of, or
  
  professional experience in, export or import or financing thereof.
  1.  
  
  
  2.  
  
    The
  
  chairman and the managing director shall hold office for such term, not
  
  exceeding five years, as the Central Government may specify in this behalf and
  
  any person so appointed shall be eligible for re-appointment.
  3.  
  
    Notwithstanding
  
  anything contained in sub-section (1), the Central Government shall have the
  
  right to terminate the term of office of the chairman or the managing director,
  
  as the case may be, at any time before the expiry of the term specified under
  
  sub-section (2), by giving him notice of not less than three months in writing
  
  or three months' salary and allowances in lieu thereof, and the chairman or the
  
  managing director, as the case may be, shall also have the right to relinquish
  
  his office at any time before the expiry of the term specified under
  
  sub-section (2) by giving to the Central Government notice of not less than
  
  three months in writing or three months' salary and allowances in lieu thereof.
  
  
  4.  
  
    The
  
  chairman and the managing director shall receive such salary and allowances as
  
  may be determined by the Central Government.
  5.  
  
    The
  
  Central Government may, at any time, remove the chairman or the managing
  
  director, as the case may be, from office: Provided that no person shall be
  
  removed from his office under this sub-section unless he has been given an
  
  opportunity of showing cause against his removal.
  6.  
  
    Subject
  
  to the provisions contained in sub-section (7), any director nominated under
  
  clause (b) or clause (c) or clause (d) or clause (e) of sub-section (1) and not
  
  being an official of Government or not being a whole time director or official
  
  of the Reserve Bank or the Development Bank or the said Export Credit and
  
  Guarantee Corporation Limited or a scheduled bank, shall hold office for such
  
  term, not exceeding three years, as the Central Government or, as the case may
  
  be, the authority nominating him, may specify in this behalf and thereafter
  
  until his successor enters upon his office, and shall be eligible for
  
  re-nomination: Provided that no such director shall hold office continuously
  
  for a period exceeding six years.
  7.  
  
    Any
  
  director nominated under this section shall hold office during the pleasure of
  
  the authority nominating him.
  8.  
  
    The
  
  Board shall meet at such times and places and shall observe such rules of procedure
  
  in regard to the transaction of business at its meetings as may be prescribed.
  9.  
  
    The
  
  chairman or, if for any reason he is unable to attend a meeting of the Board,
  
  the managing director or, in the event of both the chairman and the managing
  
  director being unable to attend a meeting, any other director nominated by the
  
  chairman in this behalf and in the absence of such nomination any director
  
  elected by the directors present from among themselves, shall preside at the
  
  meeting.
  10.  
  
    All
  
  questions which come up before any meeting of the Board shall be decided by a
  
  majority of votes of the directors present and voting, and in the event of an
  
  equality of votes, the chairman, or in his absence, the managing director, or
  
  in the absence of both the chairman and the managing director, the person
  
  presiding, shall have and exercise a second or casting vote.
  11.  
  
    Save
  
  as otherwise provided in sub-section (10), every director of the Board shall
  
  have one vote.