law: State Financial Corporations Act, 1951 
  11. Term of office and retirement of Directors 
  (1) A nominated Director shall hold office during the pleasure
  
  of the authority nominating him.
  (2) An elected Director other than a Director deemed to be
  
  elected under the first proviso to section 10 shall hold office for four years:
  PROVIDED  that two out of the four Directors so elected
  
  shall retire at the end of two years after the first election and the other two
  
  at the end of four years after such election, the Directors so to retire being
  
  determined by lot.
  (3) Notwithstanding anything contained in sub-section (2), an
  
  elected Director shall continue in office until his successor is elected and shall
  
  also be eligible for re-election so, however, that no person elected as
  
  Director shall hold office for a continuous period exceeding eight years after
  
  the rotation of elected Directors has begun.