Section 15
Chairman of Board.
The State Financial Corporations Act, 1951
About this Act
An Act to provide for the establishment of State Financial Corporations.
1[15. Chairman of Board.--(1) The Small Industries Bank shall, in consultation with the State
Government nominate a director as a Chairman of the Board for such period not exceeding three years
and on such terms and conditions as the Small Industries Bank may specify:
Provided that the Chairman shall not be a whole-time director unless he is also appointed to function as the managing director:
Provided further that the Chairman shall so long as he remains a director be eligible for re-appointment as Chairman.
(2) The Chairman shall preside over the meetings of the Board and the general meetings of the Financial Corporation.]
Provided that the Chairman shall not be a whole-time director unless he is also appointed to function as the managing director:
Provided further that the Chairman shall so long as he remains a director be eligible for re-appointment as Chairman.
(2) The Chairman shall preside over the meetings of the Board and the general meetings of the Financial Corporation.]
Notes
1. Subs. by s. 12, ibid., for section 15 (w.e.f. 5-9-2000).