law: State Financial Corporations Act, 1951 
  14. Resignation of office by Director and filling up of
  
  casual vacancies 
  (1) The Managing Director may, by giving notice in writing to
  
  the State Government, and any Director elected under clause (d) or clause (e)
  
  of section 10 may, by giving notice in writing to the Chairman of the Board,
  
  resign his office, and, on such resignation being accepted, shall be deemed to
  
  have vacated his office.
  (1A) If the Managing Director is by infirmity or otherwise
  
  rendered incapable of carrying out his duties or is absent on leave or otherwise
  
  in circumstances not involving the vacation of his appointment, the State
  
  Government may, after consultation with the Board, appoint another person to
  
  act in his place during his absence.
  (2) 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.
  (3) 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.