Agricultural Credit Act, 1961

Amendment of section 12 of the Act of 1947.

10.—Section 12 of the Act of 1947 is hereby amended by the substitution for subsection (2) of the following subsection, namely:

“(2) (a) The number of directors (including the chairman) shall be not less than three nor more than seven of whom a majority (being the smallest majority in any particular case) shall be nominated by the Minister if he holds not less than one-half in nominal value of the issued capital of the Corporation, but, notwithstanding the provisions of this paragraph, it shall not be necessary for any director of the Corporation to retire from officeas a director, for the purpose of compliance with those provisions, before the time specified for retirement in the articles of association of the Corporation.

(b) The qualification for being a director shall be the holding of at least one share in the Corporation.”.