Lawgist11Term of office and retirement of directors
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.]
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1. Subs. by Act 39 of 2000, s. 9, for sections 11 and 12 (w.e.f. 5-9-2000).
- 3 Establishment of State Financial Corporations
- 3A Establishment of Joint Financial Corporations
- 4 Share capital and share-holders
- 4A Special class of shares
- 4B Transfer of share capital to Development Bank
- 4C Payment of amount
- 4D Issue of redeemable preference shares
- 4E Reduction of share capital
- 4F Restriction on exercising of voting right
- 4G Proxy voting
- 4H Transfer of share capital to Small Industries Bank
- 5 Transfer of shares
- 6 Conversion of shares guaranteed by State Government
- 7 Additional capital of Financial Corporation and its borrowing powers
- 8 Deposits with the Financial Corporation
- 9 Managements
- 10 Board of directors
- 10A Omitted
- 11 Term of office and retirement of directors
- 12 Disqualifications for being a director
- 13 Removal of director from office
- 14 Resignation of office by director and filling up of casual vacancies
- 15 Chairman of Board
- 16 Remuneration of directors
- 17 Managing director
- 18 Executive Committee
- 19 Meetings of the Board and Committee
- 20 Powers of Executive Committee
- 21 Advisory Committee
- 22 Offices and agencies
- 23 Officers and other employees of the Financial Corporation
