Section 11
Term of office and retirement of directors.
The State Financial Corporations Act, 1951
About this Act
An Act to provide for the establishment of State Financial Corporations.
1[11. Term of office and retirement of directors.--(1) A nominated director shall hold office during
the pleasure of the authority nominating him.
(2) Subject to the provisions of sub-section (1), a nominated director shall hold office for such term not exceeding three years and shall also be eligible for re-nomination:
Provided that no such director shall hold office continuously for a period exceeding six years.
(3) An elected director other than a director deemed to be elected under the first proviso to clause (d) of section 10 shall hold office for three years and shall also be eligible for re-election:
Provided that no such director shall hold office continuously for a period exceeding six years.]
(2) Subject to the provisions of sub-section (1), a nominated director shall hold office for such term not exceeding three years and shall also be eligible for re-nomination:
Provided that no such director shall hold office continuously for a period exceeding six years.
(3) An elected director other than a director deemed to be elected under the first proviso to clause (d) of section 10 shall hold office for three years and shall also be eligible for re-election:
Provided that no such director shall hold office continuously for a period exceeding six years.]
Notes
1. Subs. by Act 39 of 2000, s. 9, for sections 11 and 12 (w.e.f. 5-9-2000).