law: State Financial Corporations Act, 1951 
  15. Chairman of the Board 
  (1) The Chairman of the Board shall be one of the Directors
  
  6[***], nominated by the State Government, after considering, except in the
  
  case of the nomination of the first Chairman, the recommendation of the Board:
  PROVIDED that the nomination of the Chairman for any
  
  period other than the first period shall be made only after the vacancies in
  
  the office of Directors occurring by efflux of time in that period have been
  
  filled by nomination or election as the case may be:
  3[PROVIDED FURTHER that the same person may be appointed
  
  to function both as Chairman and as Managing Director.]
  (2) The Chairman shall hold office for two years or until his
  
  successor is nominated:
  PROVIDED that a Chairman shall so long as he remains a
  
  Director be eligible for renomination as Chairman.