<h2The State Financial Corporation Act,1951
Section 18. Executive Committee
(1) The Executive Committee shall consist of the managing director who shall be the Chairman of the Committee, and three other directors, chosen as follows:-
(a) Two directors elected by the nominated directors, one from among the directors nominated by the State Government, and one from among the directors nominated by the Reserve Bank and the Industrial Finance Corporation of India established under the Industrial Finance Corporation Act,1948 (XV of 1948;
(b) One direction elected by the elected directors.
(2) A director elected to be a member of the Executive committee shall hold office as such for the rest of his term of office as director.