The State Agricultural Credit Corporations Act,1968
Section 10. Managing director
(1) The managing director shall –
(a) Be a whole – time officer of the Corporation;
(b) Perform such duties as the Board may, by regulations or otherwise, assign to him;
(c) Hold office for such term, not exceeding three years, as the Central Government may specify at the time of the appointment and be eligible for re- appointment;
(d) Receive such salary and allowances and be governed by such terms and conditions of service as the Central Government may-
(i) In the case of first appointment determine, or
(ii) In the case of any subsequent appointment, determine after consultation with the Board.
(2) The Central Government may, after consultation with the Board and for sufficient cause, remove the managing director from office.
Provided that no managing director shall be so removed unless he has been given an opportunity of showing cause against his removal.
(3) If the managing director is by infirmity or otherwise rendered incapable of carrying out his duties or is absent on leave or otherwise in circumstances not involving the vacation of his appointment, the Central Government may, after consultation with the Board, appoint another person to act in his place during his absence.