Section 13(2) in The State Financial Corporations Act, 1951
(2)[ The shareholders, other than those mentioned in clauses (a), (b) and (c) of sub-section (3) of section 4, whose names are entered on the register of shareholders, may, after giving to the director a reasonable opportunity of being heard in the manner as may be prescribed, by resolution passed by majority of the votes of such shareholders holding in the aggregate not less than one-half of the total issued equity share capital held by all such shareholders, remove any director elected under clause (d) of section 10 and elect in his place another person to fill the vacancy so caused.] [ Substituted by Act 39 of 2000, Section 11, for Sub-Sections (1) and (1-A) (w.e.f. 5-9-2000).]
