The Board of directors of the Corporation shall consist of the following, namely:-
(a) one director to be nominated by the Central Government who shall be the Chairman of the Board;
(b) two directors nominated by the appropriate Government, one of whom shall be a person who has special knowledge of co- operation and who is not an employee of the Central or State Government or of the Reserve Bank , State Bank, subsidiary bank , banking company, or Food Corporation;
(c) one director to be nominated by the Reserve Bank;
(d) two directors to be elected in such manner as may be prescribed by the parties subscribing for shares in pursuance of the provisions of clause (d0 of sub- section (3) , and sub- section (5) of section 5;
(e) a managing director, to be appointed by the Central Government and, except in the case of first appointment , after consultation with the Board:
Provided that, in appointing a managing director of a Corporation established in a State, the Central Government may also consult the Government of that State.