The Board of Directors shall consist of the following, namely:--

(a) three Directors nominated by the Central Government ;

(b) two Directors nominated by the Central Board of the Reserve Bank;

(c) two Directors elected in the prescribed manner by the scheduled banks who are shareholders of the Corporation ;

(d) two Directors elected in the prescribed manner by the share holders of the Corporation, other than the Central Government, the Reserve Bank, the scheduled banks and co-operative banks ;

(e) two Directors elected in the prescribed manner by the co-operative banks who are shareholders of the Corporation ;

(f) one Managing Director appointed by the Central Government after consideration of the recommendation-

(i) in the case of the first appointment, of the Central Board of the serve Bank;

(ii) in the case of subsequent appointments, of the Board : Provided that on the first constitution of the Board the Directors referred to in clauses (c), (d) and (e) shall be nominated by the Central Government to represent the classes of share-holders respectively specified in the said clauses, and Directors nominated under this proviso shall for the purposes of this Act be deemed to be elected Directors : Provided further that all Directors of the Board first

constituted other than the Managing Director shall retire at the end of the first year.