law: National Bank for Agriculture and Rural Development Act, 1981 
  8. Term of office of
  
  Managing Director and whole-time directors, conditions of service, etc.- 
  1.     
  
    The
  
  Managing Director and any whole- time director appointed under sub-section (3)
  
  of section 6 shall,-- 
  a.     
  
    hold
  
  office for such term not exceeding five years as the Central Government may, at
  
  the time of appointment, specify and shall be eligible for re-appointment;
  b.    
  
    receive
  
  such salary and allowances and be governed by such terms and conditions of
  
  service as the Board may, with the previous approval of the Central Government
  
  and in consultation with the Reserve Bank, determine:
  Provided that the Managing Director and any
  
  such whole-time director appointed to the first Board shall receive such salary
  
  and allowances and be governed by such terms and conditions of service as the
  
  Central Government may, in consultation with the Reserve Bank, determine.
  1.     
  
  
  2.     
  
    The
  
  Central Government may, in consultation with the Reserve Bank, remove the
  
  Managing Director or any whole-time director appointed under subsection (3) of
  
  section 6 at any time before the expiry of his term of office, after giving him
  
  a reasonable opportunity of showing cause against the proposed removal.
  3.     
  
    Notwithstanding
  
  anything contained in sub-section (1) or sub-section (2), the Central
  
  Government shall have the right to terminate the term of office of the Managing
  
  Director or of any whole-time director appointed under sub-section (3) of
  
  section 6 at any time before the expiry of the term fixed under sub-section (1)
  
  by giving him notice of not less than three months in writing or three months'
  
  salary and allowances in lieu of such notice:
  Provided that the Central Government shall,
  
  before terminating the term of office of the Managing Director or any
  
  whole-time director appointed under sub-section (3) of section 6, consult the
  
  Reserve Bank.