law: National Bank for Agriculture and Rural Development Act, 1981 
  7. Term of office of
  
  Chairman and other directors, retirement and payment of fees.- 
  1.     
  
    The
  
  Chairman shall hold office for such term not exceeding five years and shall
  
  receive such salary and allowances as the Central Government may, at the time
  
  of appointment, specify and shall be eligible for re-appointment:
  1A.  
  
    Notwithstanding
  
  anything contained in sub-section (1), the Central Government shall have the
  
  right to terminate the terms of office of the Chairman at any time before the
  
  expiry of the term specified under that sub-section by giving him a notice of
  
  not less than three months in writing or three months, salary and allowances in
  
  lieu of such notice.
  1B.  
  
    In
  
  the case of a vacancy in the office of the Chairman, the Managing Director
  
  shall perform the functions and duties of the Chairman during such vacancy.
  2.     
  
    Subject
  
  to the provisions contained in sub-section (5), a director appointed under
  
  clause (b) or clause (c) of sub-section (1) of section 6, shall hold office for
  
  such term, not exceeding three years as the Central Government may specify in
  
  this behalf and shall be eligible for reappointment:
  Provided that no such
  
  director shall hold office continuously for a period exceeding six years.
  1.     
  
  
  2.     
  
  
  3.     
  
    The
  
  Central Government may, in consultation with the Reserve Bank, remove the
  
  Chairman at any time before the expiry of his term of office after giving him a
  
  reasonable opportunity of showing cause against the proposed removal.
  4.     
  
    The
  
  Chairman and the directors referred to in sub-section (2) shall be paid such
  
  fees and allowances as may be prescribed for attending the meetings of the
  
  Board or of any of its committees and for attending to any other work of the
  
  National Bank:
  5.     
  
    The
  
  directors appointed under clauses (b) to (f) of sub- section (1) of section 6
  
  shall hold office during the pleasure of the Central Government.