Section 59 in The Rajasthan Financial Corporation General Regulations, 2002
59. Retirement of Directors co-opted.
- Subject to clause (e) of Section 10, the Directors co-opted by the Board shall retire in the order of co-option on assumption of charge by the Director or Directors elected by the shareholders. If the co-option of more than one Director is made on the same day, the retirement of such co-opted will be decided by consensus amongst themselves and in the absence of such consensus, the retirement shall be decided by draw of lots by the Chairman of the meeting of the Board at which the issue comes up for decision.The Directors shall be co-opted for a maximum tenure of 3 years and shall be eligible for renomination provided that no such directors shall hold office continuously for a period exceeding 6 years. The co-opted directors shall hold office during the pleasure of the Board.
