Amendment status not verified — confirm the current text below against the official source.
[Board of directors.] Omitted by the State Financial Corporation (Amendment) Act, 2000 (39 of 2000), s. 8 (w.e.f. 5-9-2000). 1[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.