Agricultural Credit Act, 1927

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Directors of the Corporation.

11.—The Articles of Association of the Corporation shall provide—

(i) that the number of directors (including the Chairman) shall be seven, of whom four shall be elected by the shareholders with the usual provisions for co-option to casual vacancies and three shall be nominated by the Minister from time to time as occasion requires;

(ii) that so long as the Minister holds more than two hundred thousand shares of the Corporation the Chairman of the directors shall be nominated from time to time by the Minister from amongst the three directors nominated by him.