4The Corporation may appoint such number of officers and other employees as it considers necessary or desirable for the efficient performance of its functions and determine the terms and conditions of their appointment and service.



4. Substituted for " 16 . Exective Committe - (1) The Executive Committee shall consist of the Managing Director (who shall be Chairman of the Committee), two Directors elected by the nominated Directors and two Directors elected by the elected Directors. (2) A Director elected to be a member of the Executive Committee shall hold office as such for the rest of his term of office as Directors for wnich he is so elected. ", vide THE INDUSTRIAL FINANCE CORPORATION (AMENDMENT ACT, 1982) (2 Of 1982), Dt. 8th March, 1982 Published in It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. [Gaz, of India Ex. Pt. II Sec.1 9-3-1982 p.7