3. Method of appointment under sub-section (1) of section 4 of the Act.- (1) For the purpose of appointment to the post of a Presiding Officer, there shall be a Selection Committee consisting of-- (i) The Chief Justice of India or a Judge of the Supreme Court of India as nominated by the Chief Justice of India; (ii) the Secretary to the Government of India in the Ministry of Finance (Department of Economic Affairs); (iii) the Secretary to the Government of India in the Ministry of Law and Justice; (iv) the Governor of the Reserve Bank or the Deputy Governor of the Reserve Bank nominated by the Governor of the Reserve Bank; (v) Special Additional Secretary to the Government of India in the Ministry of Finance, Department of Economic Affairs (Banking Division) or an officer not below the rank of Joint Secretary in the Banking Division nominated by the special Additional Secretary in the Banking Division. (2) The Chief Justice of India or the Judge of the Supreme Court shall be the Chairman of the Selection Committee. (3) Any three members of the Committee including the Chairman shall form a quorum for meeting of the Committee. (4) The Selection Committee may devise its own procedure including conducting interview for selection and appointment of Presiding Officer. (5) The Selection Committee shall recommend persons for appointment as Presiding Officer,-- (i) from amongst the persons from the list of candidates prepared by the Ministry of Finance after inviting applications; and (ii) from amongst judicial officers nominated by a High Court. (6) The Central Government shall on the basis of the recommendations of the Selection Committee make a list of persons selected for appointment as Presiding Officer and the said list shall be valid for a period of two years. The appointment of a Presiding Officer shall be made from the list so prepared. | 
