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


The Financial Corporation may
appoint such officers, advisers and employees as it considers necessary for the efficient performance of its
functions, and determine, by regulations, their conditions of appointment and service and the
remuneration payable to them.

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LAWGIST

# 23 Officers and other employees of the Financial Corporation