Section 10
Formation Of The Board Of Directors And Tenure Of Directors
(1)
The Board of Directors (hereinafter referred to as “Board”) of each Corporation shall consist of Five directors as follows:
(a) The general manager of the Corporation,
(b) One person elected by the general meeting from amongst the non-governmental shareholders,
(c) One person nominated by the Government of Nepal in respect of the governmental shares,
(d) One person nominated by the Government of Nepal from amongst the persons who are renowned in the
field related with the working scope of the Corporation, and
(e) One person elected from the shareholder employees of the Corporation.
(2) Until provision of election from the general meeting or that of election from the shareholder employees under Clause (e) of Sub-section
(1), the Government of Nepal shall also nominate the directors as required to be elected from the shareholders.
(3) The Government of Nepal shall designate the chairperson of the Board and the general manager of the Corporation shall preside over the Board.
(3a) 6 The tenure of the directors elected or nominated under Clauses
(b), (c), (d) and (e) shall be Four years, and upon expiration of their tenure, they may be re-elected or re-appointed.
(4) 7 Notwithstanding anything contained in Sub-section (3a), the Government of Nepal may nominate any other person in the place of a director nominated under Clauses (c) and (d) of Sub-section (1) prior to the completion of the tenure of such a director.6 Inserted by the First Amendment.
(5) Upon assumption of office after being elected 8 by the general meeting or employees of the Corporation, the directors nominated by the Government of Nepal shall ipso facto relive of office in relation to them. Provided that, this Sub-section shall not be deemed to bar the appointment or nomination of the person so relived of to the office of director.
(6) …………………….
The Board of Directors (hereinafter referred to as “Board”) of each Corporation shall consist of Five directors as follows:
(a) The general manager of the Corporation,
(b) One person elected by the general meeting from amongst the non-governmental shareholders,
(c) One person nominated by the Government of Nepal in respect of the governmental shares,
(d) One person nominated by the Government of Nepal from amongst the persons who are renowned in the
field related with the working scope of the Corporation, and
(e) One person elected from the shareholder employees of the Corporation.
(2) Until provision of election from the general meeting or that of election from the shareholder employees under Clause (e) of Sub-section
(1), the Government of Nepal shall also nominate the directors as required to be elected from the shareholders.
(3) The Government of Nepal shall designate the chairperson of the Board and the general manager of the Corporation shall preside over the Board.
(3a) 6 The tenure of the directors elected or nominated under Clauses
(b), (c), (d) and (e) shall be Four years, and upon expiration of their tenure, they may be re-elected or re-appointed.
(4) 7 Notwithstanding anything contained in Sub-section (3a), the Government of Nepal may nominate any other person in the place of a director nominated under Clauses (c) and (d) of Sub-section (1) prior to the completion of the tenure of such a director.6 Inserted by the First Amendment.
(5) Upon assumption of office after being elected 8 by the general meeting or employees of the Corporation, the directors nominated by the Government of Nepal shall ipso facto relive of office in relation to them. Provided that, this Sub-section shall not be deemed to bar the appointment or nomination of the person so relived of to the office of director.
(6) …………………….