(1) A managing director—

3[(c) when authorised by the chairman, shall preside at the meetings of the Central Board in his absence.]

(2) A managing director shall receive such salary and allowances 4 [as may be determined by the Central Government].

5* * * * * 1. The word “and” omitted by Act 27 of 2010, s. 22 (w.e.f. 15-9-2010). 2. The words “and the vice-chairman” omitted by s. 22, ibid. (w.e.f. 15-9-2010). 3. Ins. by s. 22, ibid. (w.e.f. 15-9-2010). 4. Subs. by Act 73 of 1976, s. 4, for certain words (w.e.f. 11-6-1976). 5. The proviso omitted by s. 4, ibid. (w.e.f. 11-6-1976).