law: The Small Industries Development Bank of India Act, 1989 
  47. Arrangement with Small
  
  Industries Bank on appointment of directors to prevail 
  1.     
  
    Where
  
  any arrangement entered into by the Small Industries Bank with an industrial
  
  concern in the small-scale sector provides for the appointment by the Small
  
  Industries Bank 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 (5 of 1908), or in any other law for the time being in
  
  force or in the memorandum, articles of association or any other instrument
  
  relating to that industrial concern, and any provision regarding share
  
  qualification, age-limit, number of directorships, removal from office of
  
  directors and such like conditions contained in any such law or instrument
  
  aforesaid, shall not apply to any director appointed by the Small Industries
  
  Bank in pursuance of the arrangement as aforesaid.
  2.     
  
    Any
  
  director appointed as aforesaid shall-
  a.     
  
    Hold
  
  office during the pleasure of the Small Industries Bank and may be removed or
  
  substituted by any person by order in writing of the Small Industries Bank;
  b.    
  
    Not
  
  incur any obligation or liability by person 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.