Except as otherwise expressly provided by the terms of a contract in any individual case the 1 [Managing Director] or the Chief Accounts Officer who is not a Government servant deputed on foreign service conditions to the Corporation, or being a Government servant has ceased to be in Government service, may resign his office, by giving three month‟s notice in writing to the State Government.
Provided that, if the State Government so directs before the expiry of the aforesaid period of three months, the 1 [Managing Director] or the Chief Accounts Officer, as the case may be, giving such notice shall not vacate his office after the period of three months until such time as he is relieved thereof.