Amendment status not verified — confirm the current text below against the official source.
(1) The Small Industries Bank shall, in consultation with the State Government nominate a director as a Chairman of the Board for such period not exceeding three years and on such terms and conditions as the Small Industries Bank may specify: Provided that the Chairman shall not be a whole-time director unless he is also appointed to function as the managing director: Provided further that the Chairman shall so long as he remains a director be eligible for re-appointment as Chairman. (2) The Chairman shall preside over the meetings of the Board and the general meetings of the Financial Corporation.] Subs. by Act 39 of 2000, sec. 12, for section 15 (w.e.f. 05/09/2000).