State Financial Corporations Act, 1951
18. Executive Committee
(1) The Executive Committee shall consist of the Managing Director who shall be the Chairman of the Committee, and the following other Directors, chosen as follows:-
(a) four Directors elected by the nominated Directors, of whom two shall be from among the Directors nominated by the State Government and two from among the Directors nominated by the Reserve Bank and the Development Bank:
PROVIDED that in the case of a Joint Financial Corporation, in addition to the two Directors elected from among the Directors nominated by the Reserve Bank and the Development Bank, as many Directors as there are participating States shall be elected by the nominated Directors, one each from among the Directors nominated by each of the participating State Government;
(b) one Director elected by the elected Directors.
(2) A Director elected to be a member of the Executive Committee shall hold office as such for the rest of his term of office as Director.
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