Section 11 in The Industrial Finance Corporation Act, 1948
11. Term of office and retirement of Directors .-(1) A nominated Director shall hold office during the pleasure of [the authority appointing him].
(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.(3)A casual vacancy in the office of an elected Director shall be filled by election and a Director so elected shall hold office for the unexpired portion of the term of his predecessor:Provided that no casual vacancy occurring within [six months] [ Substituted by Act 2 of 1982, Section 5, certain words (w.e.f. 12.3.1982).] of the date of expiry of the normal term of office of an elected Director need be filled under this sub-section.(4)[ Directors shall be paid such fees as may be prescribed for attending the meetings of the Board and, if they are members of ] [Substituted by Act 66 of 1960, Section 4, for sub-S. (4). ][any Committee] [ Substituted by Act 74 of 1972, Section 5, for " the Central Committee or any other Committee" .][appointed by the Corporation, for attending meetings of such Committee:Provided that nothing in this sub-section shall apply to the Chairman] [Substituted by Act 66 of 1960, Section 4, for sub-S. (4). ] [, Managing Director] [ Inserted by Act 50 of 1986, Section 6 (w.e.f. 2.2.1987).][or to any other Director who is a servant of the Government ] [Substituted by Act 66 of 1960, Section 4, for sub-S. (4). ][or of the Development Bank] [ Inserted by Act 18 of 1964, Section 38 and Sch. II (w.e.f. 1.8.1964).].(5)No act or proceeding of the Board shall be questioned on the ground merely of the existence of any vacancy in, or any defect in the constitution of, the Board.
