Short title, extent and commencement.— (1) This Act shall be called the Punjab Agricultural Development and Supplies Corporation Act, 1973.
(2) It shall extend to the whole of the Province of the Punjab.
(3) It shall come into force at once.
Constitution of the Corporation.— (1) As soon as may be, after the commencement of this Act, there shall be established a Corporation to be called “The Punjab Agricultural Development and Supplies Corporation”.
Management.— (1) The administration and management of the Corporation and its affairs shall vest in a Board which may exercise powers and do all acts and things that may be exercised or done by the Corporation in accordance with the provisions of this Act.
Board.— (1) Subject to the provisions of sub-section (2), the Board shall consist of
(a) Minister for Agriculture, Government of the Punjab as Chairman.
(b) Chairman, Punjab Planning and Development Board, Government of the Punjab as Member.
(c) Secretary, Agriculture Department,Government of the Punjab as Member.
(d) Secretary, Finance Department,Government of the Punjab as Member.
(e) Managing Director, Punjab Agricultural Development and Supplies Corporation as Member/Secretary of the Board.
(f) Three non-official members to be nominated by Government, two of whom shall be from the farming community and the third will be a chartered accountant.
Managing Director.— (1) Government shall appoint a Managing Director of the Corporation who shall be its chief executive.
(2) The Managing Director shall—
(a) be a whole-time officer of the Corporation;
(b) perform such duties as may be prescribed or as the Board may assign to him;
(c) subject to the provisions of sections 8, 9 and 10, hold office as Managing Director for such term as may be provided in the contract of employment and subject as aforesaid—
(i) shall remain in office as Managing Director thereafter for three months or until a successor in that office is appointed, whichever is earlier;
(ii) may be appointed to hold the said office for such further term as Government may, with his consent determine;
(d) receive such salary and allowances as Government may determine; and
(e) on appointment, notify to Government, the movable and immovable assets held by him including shares, etc. and also obtain prior permission of Government before acquiring any property and shares during the term of his office.
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