(1) The Corporation shall meet at such times and places as the Chairman may decide and shall, subject to the provisions of sub-section (3), observe such rules of procedure in regard to the transaction of business at its meetings (including the quorum thereof) as may be laid down by regulations:
Provided that, at least one meeting shall be held in every calendar month in such manner so as to ensure that not more than thirty days intervene between the two meetings.
1[(2) The Chairman or, in his absence, such of the Vice-Chairman appointed under clause (a-1) of sub-section (1) of section 4, if both are the Members of the Maharashtra State Legislature; as may be predetermined by the Chairman by an order, shall preside over the meeting of Corporation; and in the absence of all the three, the Chief Secretary to Government, being the other Vice-Chairman shall preside over such meeting:
Provided that, if the Vice-Chairman appointed under clause (a-1) are persons other than the Members of the State Legislature, the Chief Secretary as the Vice-Chairman shall, in the absence of the Chairman, preside over the meeting and in the absence of the Chief Secretary, the other Vice-Chairman, as may be predetermined by the Chairman by an order, shall preside over such meeting.]
(3) A member, who is directly or indirectly concerned or interested in any contract, loan arrangement or proposal entered into or proposed to be entered into, by or on behalf of the Corporation, shall, at the earliest possible opportunity, disclose the nature of his interest to the Corporation, and shall not be Present at any meeting of the Corporation when any such contract, loan, arrangement or proposal is discussed, unless his presence is required by the other members for the purpose of eliciting information, but no member so required to be present shall vote on any such contract, loan, arrangement or proposal:
Provided that, a member shall not be deemed to be concerned or interested as aforesaid by reason only of his being a shareholder of a Company concerned in any such contract, loan, arrangement or proposal.
Provided that, at least one meeting shall be held in every calendar month in such manner so as to ensure that not more than thirty days intervene between the two meetings.
1[(2) The Chairman or, in his absence, such of the Vice-Chairman appointed under clause (a-1) of sub-section (1) of section 4, if both are the Members of the Maharashtra State Legislature; as may be predetermined by the Chairman by an order, shall preside over the meeting of Corporation; and in the absence of all the three, the Chief Secretary to Government, being the other Vice-Chairman shall preside over such meeting:
Provided that, if the Vice-Chairman appointed under clause (a-1) are persons other than the Members of the State Legislature, the Chief Secretary as the Vice-Chairman shall, in the absence of the Chairman, preside over the meeting and in the absence of the Chief Secretary, the other Vice-Chairman, as may be predetermined by the Chairman by an order, shall preside over such meeting.]
(3) A member, who is directly or indirectly concerned or interested in any contract, loan arrangement or proposal entered into or proposed to be entered into, by or on behalf of the Corporation, shall, at the earliest possible opportunity, disclose the nature of his interest to the Corporation, and shall not be Present at any meeting of the Corporation when any such contract, loan, arrangement or proposal is discussed, unless his presence is required by the other members for the purpose of eliciting information, but no member so required to be present shall vote on any such contract, loan, arrangement or proposal:
Provided that, a member shall not be deemed to be concerned or interested as aforesaid by reason only of his being a shareholder of a Company concerned in any such contract, loan, arrangement or proposal.
Source footnotes
1. Sub-section (2) was substituted for the original by Mah. 11 of 1997, s. 3.आगे पढ़ें / Continue reading
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · Establishment of Maharashtra Krishna Valley Development Corporation.Section 4 · Constitution of Corporation.Section 5 · Executive Committee.Section 6 · Disqualifications for membership and removal of members.Section 8 · Constitution of committees.Section 9 · Provision for inviting officers of Government and local authority.India Code, Government of India. Text fetched 20 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.