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Section 13 – The State Financial Corporations (Amendment) Act,2000

The State Financial Corporations (Amendment) Act,2000

Section 13. Amendment of section 17

In section 17 of the principal Act,-

(a) For sub-section (1), the following sub-section shall be substituted, namely:-

“(1) The managing director shall-

(a) Be appointed, in consultation with the Small Industries Bank, by the State Government;

(b) Be a whole-time officer of the Financial Corporation;

(c) Perform such duties as the Board, by regulations, entrust or delegate to him;

(d) Hold office for such term not exceeding three years as the State Government may specify and shall be eligible for re-appointment;

(e) Receive such salary and allowances and be subject to other terms and conditions of service as the Board may, with the previous approval of the State Government, determine.”; (b) after sub-section

(2), the following sub-section shall be inserted, namely:-

“(3) Notwithstanding anything contained in sub-section (1), the State Government, with prior consultation of the Small Industries Bank, shall have the right to terminate the term of office of the managing director at any time, before the expiry of the germ specified under clause (d) of sub-section (1) by giving him notice of not less than three months in writing or three months salary and allowances in lieu of such notice and the managing director shall also have right to relinquish his office at a y time before the expiry of term specified under clause (d) of sub-section (1) by giving to the State Government notice of not less than three months in writing.”

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The State Financial Corporations (Amendment) Act,2000

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