<h2The State Financial Corporation Act,1951
Section 15. Chairman of the Board
(1) The Chairman of the Board shall be one of the directors, not being the managing director, nominated by the State Government, after considering, except in the case of the nomination of the first chairman, the recommendation of the Board:
Provided that the nomination of the Chairman for any period other than the first period shall be made only after the vacancies in the office of directors occurring by efflux of time in that period have been filled by nomination or election as the case may be.
(2) The Chairman shall hold office for two years or until his successor is nominated:
Provided that a Chairman shall so long as he remains a director be eligible for re-nomination as Chairman.