Section 56(b) in The Orissa State Financial Corporation General Regulations, 2003
(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.
