law: State Financial Corporations Act, 1951 
  27. Power to impose conditions for accommodation 
  (1) In entering into any arrangement under section 25 with an
  
  industrial concern, the Financial Corporation may impose such conditions as it
  
  may think necessary or expedient for protecting the interests of the Financial
  
  Corporation and securing that the accommodation granted by it is put to the
  
  best use by the industrial concern.
  (2) Where any arrangement entered into by the Financial Corporation
  
  with an industrial concern provides for the appointment by the Financial
  
  Corporation of one or more Directors of such industrial concern, such provision
  
  and any appointment of Directors made in pursuance thereof shall be valid and
  
  effective notwithstanding anything to the contrary contained in the Companies
  
  Act, 1956 (1 of 1956), or in any other law for the time being in force or in
  
  the memorandum, Articles of Association or any other instrument relating to the
  
  industrial concern, and any provision regarding share qualification, age limit,
  
  number of Directorships, removal of office of Directors and such like
  
  conditions contained in any such law or instrument aforesaid shall not apply to
  
  any Director appointed by the Financial Corporation in pursuance of the
  
  arrangement as aforesaid.
  (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.