THE STATE FINANCIAL CORPORATIONS ACT, 1951 · INCORPORATION OF STATE FINANCIAL CORPORATIONS THEIR CAPITAL AND MANAGEMENT
Section 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.]