law: State Financial Corporations Act, 1951 
  18. Executive Committee 
  (1) The Executive Committee shall consist of the Managing Director
  
  who shall be the Chairman of the Committee, and the following other Directors,
  
  chosen as follows:-
  (a) four Directors elected by the nominated
  
  Directors, of whom two shall be from among the Directors nominated by the State
  
  Government and two from among the Directors nominated by the Reserve Bank and
  
  the Development Bank:
  PROVIDED  that in the case of a Joint Financial
  
  Corporation, in addition to the two Directors elected from among the Directors
  
  nominated by the Reserve Bank and the Development Bank, as many Directors as
  
  there are participating States shall be elected by the nominated Directors, one
  
  each from among the Directors nominated by each of the participating State
  
  Government;
  (b) one Director elected by the elected
  
  Directors.
  (2) A Director elected to be a member of the Executive Committee
  
  shall hold office as such for the rest of his term of office as Director.