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Section 11: Term of office and retirement of directors.

The State Financial Corporations Act, 1951Central Act · Act 63 of 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) Subject to the provisions of sub-section (1), a nominated director shall hold office for such term not exceeding three years and shall also be eligible for re-nomination:

Provided that no such director shall hold office continuously for a period exceeding six years.

(3) An elected director other than a director deemed to be elected under the first proviso to clause (d) of section 10 shall hold office for three years and shall also be eligible for re-election:

Provided that no such director shall hold office continuously for a period exceeding six years.]

Where this provision sits

ActThe State Financial Corporations Act, 1951
Section11
Marginal noteTerm of office and retirement of directors.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 39 of 2000. . Subs. by Act 39 of 2000, s. 9, for sections 11 and 12 (w.e.f. 5-9-2000).

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