law: State Financial Corporations Act, 1951 
  9. Management of Financial Corporations 
  The general superintendence, direction and management of the
  
  affairs and business of the Financial Corporation shall vest in a Board of
  
  Directors which, with the assistance of an Executive Committee and a Managing
  
  Director may exercise all the powers and discharge all the functions which may
  
  be exercised or discharged by the Financial Corporation.