The State Financial Corporations (Amendment) Act,2000
Section 14. Substitution of new section for section 18
For section 18 of the principal Act, the following section shall be substituted, namely:-
“18. Executive Committee.
(1) The Board shall constitute an Executive Committee consisting of the chairman and managing director, the whole-time directors and such other directors as it may deem fit: Provided that in the case of a Joint Financial Corporation, if the directors nominated under clause (b) of section 10 represent different State Governments then, all of them shall be members of the Executive Committee
(2) The Executive Committee shall discharge such functions as may be prescribed or as may be delegated to it by the Board
(3) The Board may constitute such other committees whether consisting wholly of directors or wholly of other persons or partly of directors and partly of other persons for such purpose or purposes as it may think fit