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Section 12 – The State Financial Corporations (Amendment) Act,2000

The State Financial Corporations (Amendment) Act,2000

Section 12. Substitution of new section for section 15

For section 15 of the principal Act, the following section shall be substituted, namely:-

“15. Chairman of Board.

(1) The Small Industries Bank shall, in consultation with the State Government nominate a director as a Chairman of the Board for such period not exceeding three years and on such terms and conditions as the Small Industries Bank may specify: Provided that the Chairman shall not be a whole-time director unless he is also appointed to function as the managing director: Provided further that the Chairman shall so long as he remains a director be eligible for re-appointment as Chairman (2) The Chairman shall preside over the meetings of the Board and the general meetings of the Financial Corporation.”

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The State Financial Corporations (Amendment) Act,2000

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