State Financial Corporations Act,1951

Act No : 63

---

Section : Executive Committee.

18. Executive Committee. (1) The Executive Committee shall consist of the managing director who shall be the Chairman of the Committee, and 1*[the following] other directors, chosen as follows :- (a) 2*[four directors elected by the nominated directors, of whom two shall be from among the directors nominated by the State Government and two] from among the directors nominated by the Reserve Bank and 3*[the Development Bank] : 4*[Provided that in the case of a Joint Financial Corporation, in addition to the 2*[two directors elected] from among the directors nominated by the Reserve Bank and 3*[the Development Bank], as many directors as there are participating States shall be elected by the nominated directors, one each from among the directors nominated by each of the participating State Governments;] (b) one director elected by the elected directors. (2) A director elected to be a member of the Executive Committee shall hold office as such for the rest of his term of office as director.

---

Read All Comments

Comments

Quick Links

• Recent Comments
• Recent Citations
• Bare Acts Alphabetically