Clause 124 - Substitution of section 20. - Finance Bill, 2021

Substitution of section 20. 124. For section 20 of the principal Act, the following section shall be substituted, namely:- Chairperson and Managing Directors. 20. (1) The Chairperson shall, subject to the superintendence, control and direction of the Board, be entrusted with substantial powers of management in respect of the whole of the affairs of the Corporation. (2) The Chairperson shall also perform such other duties in relation to the affairs of the Corporation as the Board may entrust to him from time to time and shall, for this purpose, exercise such powers as may be conferred upon him by the Board: Provided that the Board may also empower the Chairperson to entrust or delegate such of his duties and powers, as it may deem fit. (3) Every Managing Director, subject to the general control of the Chairperson, shall perform such duties and exercise such powers as may be entrusted or delegated to him by the Board or, under sub-section (2), by the Chairperson. .