State Financial Corporations Act, 1951 Section 15 - Bare Act

¹ [15. Chairman ofBoard.--

(1) the Small IndustriesBank shall, in consultation with the StateGovernment nominate a director as a Chairman of the Board for such period not exceeding three yearsand on such terms and conditions as the Small Industries Bank may specify:

Providedthat the Chairman shall not be a whole-time director unless he isalso appointed to function as the managing director:

Provided furtherthat the Chairman shall so long as he remains a director beeligible for re-appointment as Chairman.

(2) The Chairman shall preside over the meetings of theBoard and the general meetings of the Financial Corporation.]

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1.Substituted by Act 39 of 2000, section 12,for section 15 (w.e.f. 5-9-2000).