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.”