State Financial Corporations Act, 1951
11. Term of office and retirement of Directors
(1) A nominated Director shall hold office during the pleasure of the authority nominating him.
(2) An elected Director other than a Director deemed to be elected under the first proviso to section 10 shall hold office for four years:
PROVIDED that two out of the four Directors so elected shall retire at the end of two years after the first election and the other two at the end of four years after such election, the Directors so to retire being determined by lot.
(3) Notwithstanding anything contained in sub-section (2), an elected Director shall continue in office until his successor is elected and shall also be eligible for re-election so, however, that no person elected as Director shall hold office for a continuous period exceeding eight years after the rotation of elected Directors has begun.