Section 65 in Andhra Pradesh State Financial Corporation General Regulations, 2004
65. Nomination of Directors.
- (i) The parties mentioned in clause (c) of sub-section (3) of section 4 of the Act shall nominate two directors to represent them under clause (d) of section 10 of the Act as under:(a)Public sector banks are entitled to nominate a director by rotation in the sequence of the share holding arranged in descending order. The largest share holder will have the right to nominate the first director for a period of 3 years and in the fourth year, the second largest will have the opportunity and thereafter the third share holder and so on.(b)LIC, Insurance Companies and all other institutional shareholders covered under the above clause are entitled to nominate a director by rotation in the sequence of shareholding arranged in descending order.(ii.) The Corporation shall make a formal request to the above institutions accordingly as and when a vacancy arises in the post of the above two Directors.
