The State Financial Corporations Act

Establishment of State Financial Corporations

Establishment of Joint Financial Corporations

Share capital and share-holders

Special class of shares

Transfer of share capital to Development Bank

Payment of amount

Issue of redeemable preference shares

Reduction of share capital

Restriction on exercising of voting right

Proxy voting

Transfer of share capital to Small Industries Bank

Transfer of shares

Conversion of shares guaranteed by State Government

Additional capital of Financial Corporation and its borrowing powers

Deposits with the Financial Corporation

Managements

Board of directors

Omitted 

Term of office and retirement of directors

Disqualifications for being a director

Removal of director from office

Resignation of office by director and filling up of casual vacancies

Chairman of Board

Remuneration of directors

Managing director

Executive Committee

Meetings of the Board and Committee

Powers of Executive Committee

Advisory Committee

Offices and agencies

Officers and other employees of the Financial Corporation


INCORPORATION OF STATE FINANCIAL CORPORATIONS THEIR CAPITAL AND MANAGEMENT


(1) Subject to such general or special directions as the Board
may from time to time give, the Executive Committee may deal with any matter within the competence of
the Board.

(2) The minutes of every meeting of the Executive Committee 1[shall, after confirmation thereof at
the next meeting of the Executive Committee, be laid] before the Board at the next following meeting of
the Board.

LAWGIST

# 20 Powers of Executive Committee