<h2The State Financial Corporation Act,1951
Section 14. Resignation of office by director and filling up of casual vacancies
(1) The managing director or any other director may resign his office by giving notice thereof in writing to the State Government and, on such resignation being accepted, shall be deemed to have vacated his office.
(2) A casual vacancy in the office of an elected director shall be filled by election and a director so elected shall hold office for the unexpired portion of the term of his predecessor.
(3) No act or proceeding of the Board shall be questioned on the ground merely of the existence of any vacancy in, or any defect in the constitution of the Board.