Lawgist18Executive Committee
1[18. Executive Committee.--(1) The Board shall constitute an Executive Committee consisting of the chairman and managing director, the whole-time directors and such other directors as it may deem fit:
Provided that in the case of a Joint Financial Corporation, if the directors nominated under clause (b) of section 10 represent different State Governments then, all of them shall be members of the Executive Committee.
(2) The Executive Committee shall discharge such functions as may be prescribed or as may be delegated to it by the Board.
(3) The Board may constitute such other committees whether consisting wholly of directors or wholly of, other persons of partly of directors and partly of other persons for such purpose or purposes as it may think fit.]
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1. Subs. by s. 14, ibid., for section 18 (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
