Section 15(1) in The State Financial Corporations Act, 1951
(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.
