Section 27(3) in The State Financial Corporations Act, 1951
(3)Any director appointed in pursuance of sub-section (2) shall-(a)hold office during the pleasure of the Financial Corporation and may be removed or substituted by any person by order in writing by the Financial Corporation;(b)not incur any obligation or liability by reason only of his being a director or for anything done or omitted to be done in good faith in the discharge of his duties as a director or anything in relation thereto;(c)not be liable to retirement by rotation and shall not be taken into account for computing the number of directors liable to such retirement.]
