law: State Financial Corporations Act, 1951 
  17. Managing Director 
  (1) The Managing Director shall-
  (a) be a whole time officer of the Financial
  
  Corporation:
  PROVIDED  that the Board may, if in its opinion
  
  it is necessary in the public interest so to do, permit the Managing Director
  
  to undertake, at the request of the Central Government or the State Government or
  
  the Development Bank, or the Reserve Bank, such part-time honorary work as is
  
  not likely to interfere with his duties as Managing Director;
  (b) perform such duties as the Board may, by
  
  regulations, entrust or delegate to him;
  (c) hold office for such term not exceeding
  
  four years as the State Government may specify and be eligible for
  
  re-appointment;
  (d) receive such salary and allowances and be
  
  subject to other terms and conditions of service as the Board, with the
  
  previous approval of the State Government, may determine:
  PROVIDED  that the first Managing Director shall
  
  receive such salary and allowances and be subject to other terms and conditions
  
  of service as the State Government may fix.
  (2) The State Government may, after consulting the Board, remove
  
  the Managing Director from office:
  PROVIDED  that no Managing Director shall be so removed
  
  unless he has been given an opportunity of showing cause against his removal.