Section 20. Term of office of chairman, managing director, etc.

(1) 1[The chairman, 2*** and each managing director] shall hold office for such term not exceeding five years, as the Central Government may fix when appointing them and shall be eligible for reappointment. 3[(1A) Notwithstanding anything contained in sub-section (1), the Central Government shall have the right to terminate the terms of office of the chairman, 2*** or a managing director, as the case may be, at any time before the expiry of the term fixed under sub-section (1) by giving him notice of not less than three months in writing or three months' salary and allowances in lieu of such notice; and the chairman, 2*** or a managing director, as the case may be, shall also have the right to relinquish his office at any time before the expiry of the term so fixed by giving to the Central Government notice of not less than three months in writing.] 4* * * * * (3) Subject to the provisions contained in section 19 and 5*** a director elected under clause (c) 6*** of 7[that section] shall hold office for 8[three years] and 9*** 10 *** and shall be eligible for reelection 11***: 12[Provided that no such director shall hold office continuously for a period exceeding six years.] 13[(3A) 14[subject to the provisions contained in sub-section (4), a director] appointed under clause (ca) or clause (cb) 15[of section 19 or nominated under clause (d) of that section] shall hold office for such term, not exceeding three years, as the Central Government may specify 16*** and shall be eligible 17[for re appointment or re-nomination, as the case may be:]] 12[Provided that no such director shall hold office continuously for a period exceeding six years.] 18[(4) A director appointed under clause (ca) or clause (cb) 19[of section 19 or nominated under clause (d) or clause (e) or clause (f) of that section] shall hold office during the pleasure of the authority appointing or nominating him, as the case may be.]