Section 15: Term of Office of the Director

1) The term of office of a Director shall be four years in maximum as provided for in the Articles of Association, and he/she may be reappointed or re-nominated.

Provided that the Independent Director may be appointed for only a single tenure of office.

2) Notwithstanding anything contained in sub-section (1), the Executive Chairperson or Managing Director appointed after the commencement of this Act shall remain in the office only for two consecutive terms