Amendment status not verified — confirm the current text below against the official source.
Managing director.—5[(1) The managing director shall— (a) be appointed, in consultation with the Small Industries Bank, by the State Government; (b) be a whole-time officer of the Financial Corporation; (c) perform such duties as the Board, by regulations, entrust or delegate to him; (d) hold office for such term not exceeding three years as the State Government may specify and shall be eligible for re-appointment; (e) receive such salary and allowances and be subject to other terms and conditions of service as the Board may, with the previous approval of the State Government, determine.] 6[(2) The State Government may, after consulting the Board, remove the managing director from office: Provided that no managing director shall be so removed unless he has been given an opportunity of showing cause against his removal.]