(1) The Central Government shall by notification in the Official Gazette, constitute, for the purpose of this Act, a Board to be called the Technology Development Board.
(2) The Board shall be a body corporate by the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to contract and shall, by the said name, sue and be sued.
(3) The Board shall consist of the following members, namely:-
(a) the Secretary to the Government of India in-charge of the Ministry or Department of the Central Government dealing with Science and Technology ex officio; Chairperson;
(b) the Secretary to the Government of India in-charge of the Ministry or Department of the Central Government dealing with Scientific and Industrial Research ex fficio;
(c) the Secretary to the Government of India incharge of the Ministry or epartment of the Central Government dealing with Finance (Expenditure) ex officio;
(d) the Secretary to the Government of India incharge of the Ministry of Department of the Central Government dealing with defence Research and Development ex officio;
(e) the Secretary to the Government of India incharge of the Ministry of Department of the Central Government dealing with Industrial Development ex officio
(f) the Secretary to the Government of India incharge of the Ministry of Department of the Central Government dealing with Rural Development ex officio;
(g) such number of persons, not exceeding four as may be prescribed, to be appointed by the central Government from amongst persons having experience in technology development and application, banking and finance, industry, agriculture and rural development; and ex officio;
(h) Secretary of the Board ex officio;
(4) The term of office and other conditions of service of members specified in clause (g) of sub-section (3) shall be such as may be prescribed.
(5) The Chairperson shall, in addition to presiding over the meetings of the Board, exercise and discharge such powers and duties of the Board as may be delegated to him by the Board and such other powers and duties as may be prescribed.
(6) No act or proceeding of the Board shall be invalidated merely by reason of-
(a)any vacancy in, or any defect in the constitution of, the Board;
(b) any defect in the appointment of a person acting as a member of the Board;
(c) any irregularity in the procedure of the Board not affecting the merits of the case.