(1)There shall continue to be a body corporate called the National Research Development Corporation (in this Act referred to as " the Corporation ").
(2)The Corporation shall consist of a chairman and a managing director appointed by the Minister of Technology (in this Act referred to as " the Minister "), and such number of other members so appointed, not being less than four or more than twelve, as the Minister may from time to time determine.
(3)The members of the Corporation shall be appointed from among persons appearing to the Minister qualified as having had experience, and shown capacity, in matters relating to science, technology, industry, finance, administration or the acquisition and disposal of rights in inventions.
(4)The provisions of the Schedule to this Act shall have effect with respect to the remuneration of members of the Corporation out of the funds of the Corporation, as to the appointment and tenure and vacation of office of the said members, and otherwise in relation to the Corporation.