<h2The State Financial Corporation Act,1951
Section 17. Managing director
The managing director shall—
(a) Be a whole-time officer of the Financial Corporation;
(b) Perform such duties as the Board may, by regulations, entrust or delegate to him;
(c) Hold office for four years and be eligible for reappointment;
(d) Receive such salary and allowances as the Board, with the previous approval of the State Government, may determine:
Provided that the first managing director shall hold office for such term and shall receive such salary and allowances as the State Government may fix.