Membership of board of trustees of Unit Trust of India and State Bank of India should be treated as directorship of a body corporate - Companies Law - Letter : No. 8/48/2(13)/64‑PR, dated

Letter : No. 8/48/2(13)/64 ‑ PR, dated 26 ‑ 8 ‑ 1964. Subject:- M embership of board of trustees of Unit Trust of India and State Bank of India should be treated as directorship of a body corporate In terms of section 2(13), director includes any person occupying the position of director by whatever name called. By virtue, therefore, of the provisions of sections 3 and 9 of the Unit Trust of India Act, 1963, any member of the board of trustees of the Unit Trust of India may be regarded as a director of a body corporate for the purposes of section 303. The position stated above will also hold good in case of directors on the Central Board of Directors of the State Bank of India. Members of the local board of the State Bank need not, however, be regarded as director of a body corporate for the purpose of section 303.