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Section 10 – The State Financial Corporation Act,1951

<h2The State Financial Corporation Act,1951

Section 10. Board of directors

The Board of directors shall consist of the following, namely:–

(a) Three directors nominated by the State Government:

(b) One director nominated by the Central Board of the Reserve Bank:

(c) One director nominated by the Board of Directors of the Industrial Finance Corporation of India established under the Industrial Finance Corporation Act,1948 (XV of 1948);

(d) Three directors elected in the prescribed manner from among themselves by the parties referred to in clause (c) of sub-section (3) of section 4 one of whom shall be elected to represent scheduled banks, another to represent co-operative banks and the third to represent the remaining financial institutions;

(e) One director elected in the prescribed manner from among themselves by the parties referred to in clause (d) of sub-section (3) of section 4 who are shareholders of the Financial Corporation;

(f) One managing director appointed by the State Government, in consultation with the Board except in the case of the first appointment:

Provided that on the first constitution of the Board the directors referred to in clauses (d) and (e) shall be nominated by the State Government and the directors so nominated shall for the purposes of this Act, be deemed to be elected directors:

Provided further that all directors of the Board first constituted other than the managing director shall retire at the end of the first year.

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The State Financial Corporation Act,1951

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