(1) In entering into any arrangement under section 23-with an industrial concern, the Corporation may impose such conditions as it may think necessary or expedient for protecting the interests of the Corporation, and securing that the accommodation granted by it is put to the best use by the industrial concern.

(2) Where one of the conditions imposed is that a Director shall be appointed by the Corporation on the Board of Directors of the industrial concern to protect :the interests of the Corporation, such conditions shall be valid notwithstanding anything contained inthe Indian Companies Act, 1913 (7 of 1913)-, or .any other law for the time being in force.