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Full text of "Government Gazette Of Uttar Pradesh"

248                                        UTTAB PRADESH GAZETTE, JUNE 2*, 1955                           [PART VIII

(ii) Two Directors shall fen to a quoium for the trensaction of
business.

(iii) The provisions of the Act and, save aa otheiwi&e provided in
these Regulations, of these Regulations, shall apply to the meetings ol
the Executive Committee as if they were meetings of the Board.

40.    Disclosure of interest of a Director in any industrial concein—
Every Director who is directly or indirectly   concerned or interested
in any contract, loan or arrangement entered or to be entered into by
or on behalf of the Coiporation with pny industrial concein shall, at
the earliest possible opportunity, disclose the natme of his interest
in the concern to the Board or Executive Committee, as the case may be,
and shall not be present at any meeting  of the Board or   Executive
Committee when any such contract, loan or arrangement is discussed
unless his presence is required by the other Directors for the purpose,
..f eliciting inclination. Whcie cny Director is &o required to be present
he shall not vote on any such contract, loan or arrangement and, it
he does so, his vote shall be invalid and shall not bo counted.

41.    Fee for Directors* meetings— (i) Each Dhector (other than the
Managing Director and not being seivanta of the State Government)
shall receive a fee of R.s.75 for each meeting of the Boaid and a fee of
Rs.50 for each meeting" of the Executive Committee attended   by
him.

(ii) In addition, each director attending a meeting of the Board or
of the Executive Committee shall be reimbursed his travelling and
halting expenses, if any, on such scale as may be fixed by the Board
from time to time,

4:2.   Appointment of Advisory Committee— (i) lie PC aid m&y ap-
point Advisory Committees consisting of Dircctois or tfficeis of the
Corporation or such other peison as they deem fit, for technical and
other advice so that such committees can advise the Coipoiation in the
the efficient discharge of its functions.

(ii) The Managing Director shall be Chairman of each Advisory
Committee appointed by the Board. If the Managing Director Is, for
any reason, unable to attend a meeting of an Advisory Committee a
person authorised by him in this behalf in writing shall preside 'at
that meeting and in. default of such authorization, the committee
may elect a Chairman to preside at the meeting.

(iii) A member of an Advisory Committee, who is directly or
indirectly interested in any contract, loan or arrangement which
comes before such committee, shall disclose the nature of his interest
to the Board and to such Committee and shall not be present at any
meeting of the Committee when such contract, loan or arrangement is
discussed, unless his presence is required by the other members of the
committee for the purpose of eliciting information. When any mem-
ber is so required to be present, he shall not vote on any such contract
loan or arrangement and, if he does so, his vote shall be invalid, and
shall not be countecl.

(iv) Bdch member of an Advisory Committee, who is not a Direc-
tor Auditor, Ofiicer or other employee of the Corporation who has
aheady made a ^ declaration under section 40 of the Act shall before
entering upon his duties, be required to sign a declaration of fidelity
and secrecy to the effect set out in the form given in the Schedule
to the Act.

(v) Each member of an Advisory Committee (not being the Mana-
ging Director, or a servant of the State Government or of the Corpora-
tion) shall reoaive Rs.50 for every meeting of the committee attended
by nun.

(vi) In addition, each member attending a meeting of Advisory
Committee shall be paid his travelling and halting expenses if any
on such scale as may be fixed by the Board from fcime to time.

.

U'i0ll Wlt?°Ut meetlnff "MM*) A resolution in writing
°£ 7 °f to dire°torS °n the Board of the Corporation
°                  Executi

on

Executi™ Committee or any other
appointed by the Corporation,   by the majority of the