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Appointment of managing director.

wal of appointment and termination of service of the managing director of a depository shall be subject to prior approval of the Board. (2) Every depository shall, subject to the guidelines issued by the Boar from time to time, determine the qualification, manner of appointment, terms and conditions of appointment and other procedural formalities relating to the selection/ appointment of the manag .....

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tor shall be liable for removal or termination of services by the governing board of the depository with the prior approval of the Board for failure to give effect to the directions, guidelines and other orders issued by the Board, or the rules, instructions, the articles of association and bye-laws of the depository. (6) The Board may suomotu remove or terminate the appointment of the managing di .....

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