Central Government Act
Section 14(2) in The Unit Trust Of India Act, 1963
(2) The Chairman or the executive trustee shall-
hold office for such term not exceeding five years as the 1[ Development Bank] may specify 2[ and shall be eligible for re- appointment];
receive such salary or allowances or both from the Trust and be governed by such terms and conditions of service as the 1[ Development Bank] may determine; and
perform such functions as the Board may entrust or delegate to him.