3.
Qualifications and age limit for appointment of Members.-
(1) A person shall not be qualified for appointment
as Judicial Member unless he-
(a) has, for at least ten years, held a
judicial office in the territory of India; or
(b) has, for at least ten years, been an
Advocate of High Court or has partly held judicial office
and has been partly in practice as an Advocate for a total
period of ten years; or
(c) is, or has been, a Member of the Central
Company Law Service (Legal Branch)/Indian Company Law Service
(Legal Branch) and is holding or has held a post in Senior
Administrative Grade in that service for at least three years;
or
(d) is, or has been, a member of the Indian
Legal Service and is holding, or has held a post in Grade-I
of that service for at least three years;
(2) A person shall not be qualified for
appointment as Technical Member unless he-
(a) is, or has been, a Member of the Central
Company Law Service (Accounts Branch)/Indian Company Law Service
(Accounts Branch) and is holding, or has held, a post in Senior
Administrative Grade in that service for at least three years;
or
(b) is, or has been, a Joint Secretary to
the Government of India under the Central Staffing Scheme
or any other post under the Central Government carrying a
scale of pay which is not less than that of the Joint Secretary
to the Government of India, for at least three years and has
adequate knowledge and experience in dealing with the problems
relating to the company law;
(c) is, or has been, for at least fifteen
years in practice as a chartered accountant under the Chartered
Accountants Act, 1949 (38 of 1949); or
(d) is, or has been, for at least fifteen
years in practice as a cost accountant under the Costs and
Works Accountants Act, 1959 (23 of 1959); or (e) has, for
at least fifteen years' working experience as a Secretary
in whole-time practice as defined in clause (45A) of section
2 of the Companies Act, 1956 (1 of 1956), and is a Member
of the Institute of Company Secretaries of India constituted
under the Company Secretaries Act, 1980 (56 of 1980).
(3) A person shall not be eligible for appointment
as member unless he has completed the age of forty-five years.
(4) A person shall not be eligible for
appointment as Vice-Chairman unless he has for a period of
not less than two years held office as Member.
(5) A person shall not be eligible for appointment
as Chairman unless he-
(a) is, or has been, or is qualified to
be, a Judge of a High Court; or
(b) has for a period of not less than two
years held office as Vice-Chairman. |
