Section 56 in The Orissa State Financial Corporation General Regulations, 2003
56. Nomination of Directors.
(a)(i)The parties mentioned in clause (c) of Sub-section(3) of Section 4 shall by mutual agreement among themselves nominate two Directors to represent them under clause (d) of Section 10.(ii)The parties mentioned above shall designate by mutual agreement two parties among from themselves one to represent the public sector banks and the other to represent the others, to co-ordinate such nomination.(iii)The Corporation shall make a formal request to the above coordinating institution accordingly as and when a vacancy arises in the post of the above two Directors.(b)Co-Option of Directors. - Till such time the total amount of issued equity capital of the Corporation held by the equity shareholders referred to in clause (d) of Sub-section (3) of Section 4 does not permit election of all the four Directors under Section 10(e), the Board shall co-opt such number of Directors as is required to make up the said number who shall retire in equal number on assumption of office in the Board of Directors of the Corporation by the elected Directors in order of their co-option. The tenure of the Co-opted Directors could also be similar to the elected or nominated Directors. However, the co-opted Directors will hold office during the pleasure of the Board.
