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Section 18: Executive Committee.

The State Financial Corporations Act, 1951Central Act · Act 63 of 1951

[18. Executive Committee.--(1) The Board shall constitute an Executive Committee consisting of the chairman and managing director, the whole-time directors and such other directors as it may deem fit:

Provided that in the case of a Joint Financial Corporation, if the directors nominated under clause (b) of section 10 represent different State Governments then, all of them shall be members of the Executive Committee.

(2) The Executive Committee shall discharge such functions as may be prescribed or as may be delegated to it by the Board.

(3) The Board may constitute such other committees whether consisting wholly of directors or wholly of, other persons of partly of directors and partly of other persons for such purpose or purposes as it may think fit.]

Where this provision sits

ActThe State Financial Corporations Act, 1951
Section18
Marginal noteExecutive Committee.
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. . Subs. by s. 14, ibid., for section 18 (w.e.f. 5-9-2000).

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