Composition of the Governing Board.

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....loyee of an insolvency professional agency may be appointed as a director on its Governing Board in addition to the managing director, but such director shall be deemed to be a shareholder director. (4) More than half of the directors shall be persons resident in India at the time of their appointment, and at all times during their tenure as directors. ^3[(4A) A shareholder director shall be an individual, who satisfies the eligibility norms, including experience and qualification, as decided by the Governing Board.] (5) The number of independent directors shall not be less than the number of shareholder directors: Provided that no meeting of the Governing Board shall be held without the presence of at least one independent dire....

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....three years each or part thereof, or up to the age of ^2[seventy-five years], whichever is earlier. ^12[(9) The second term referred to in sub-regulation (8) shall be subject to a satisfactory performance review of the first term by the Governing Board and prior approval of the Board.] (10) A cooling off period of three years shall be applicable for an independent director to become a shareholder director in the same or another insolvency professional agency. (11) Not more than one fourth of the directors shall be insolvency professionals. (12) The directors shall elect an independent director as the Chairperson of the Governing Board. (13) A director, who has, any interest, direct or indirect, pecuniary or otherwise, in any ....

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....hall have a minimum of seven directors. (2) More than half of the directors shall be persons resident in India at the time of their appointment, and at all times during their tenure as directors. (3) Not more than one fourth of the directors shall be insolvency professionals. (4) More than half of the directors shall be independent directors at the time of their appointment, and at all times during their tenure as directors: Provided that no meeting of the Governing Board shall be held without the presence of at least one independent director. (5) An independent director shall be an individual- (a) who is a person of ability and integrity; (b) who has expertise in the field of f....