Section 11(2) in The Industrial Finance Corporation Act, 1948
(2)An elected Director shall hold office for [three years] [ Substituted by Act 50 of 1986, Section 6, for certain words (w.e.f. 2.2.1987).]:Provided that one out of the two Directors elected to represent the shareholders referred to in each of the clauses (c), (d ) and (e) of section 10 shall retire at the end of two years after the first election; the Directors so to retire shall be determined by lot:Provided further that an elected Director shall be required to continue in his office until his successor has been elected:Provided further that [such] [ Inserted by Act 78 of 1952, Section 4.] a Director shall be eligible for re-election for not more than two full consecutive terms after the rotation of elected Directors has begun.
