This Act may be cited as the State Advances Corporation Amendment Act 1951, and shall be read together with and deemed part of the State Advances Corporation Act 1934–35 (hereinafter referred to as the principal Act).

Except as otherwise expressly provided, this Act shall be deemed to have come into force on the first day of February, nineteen hundred and fifty-one.

The Board of Management shall consist of—-

The Managing Director in office at the commencement of this section shall continue to hold office as if this Act had not been passed.

On the first day of February in every year, commencing with the year nineteen hundred and fifty-three, one of the directors appointed under paragraph (c) of subsection one of this section shall retire from office. The director to retire in any year shall be the one who has longest held office since his appointment or last appointment. Where two or more of those directors have longest held office the director to retire shall be determined by lot.

Any member of the Board may from time to time be reappointed.

The powers of the Board shall not be affected by any vacancy in the membership thereof.

The Managing Director shall be the Chairman of the Board, and the Deputy Managing Director shall be the Deputy Chairman of the Board.

In the absence of the Chairman from any meeting of the Board the Deputy Chairman, if present, shall preside. In the absence from any meeting of both the Chairman and the Deputy Chairman the members present shall appoint one of their number to be the Chairman of that meeting.

At any meeting of the Board the Chairman of that meeting shall have a deliberative vote and, in the case of an equality of votes, shall also have a casting vote.

The Managing Director and the Deputy Managing Director shall be the principal executive officers of the Corporation, and shall be required to devote the whole of their time to the duties of their offices, and, in particular, they shall not engage in any business on their own account.

On the occurrence from any cause of a vacancy in the office of Managing Director (whether by reason of death or resignation or otherwise), and in case of the absence from duty of the Managing Director (from whatever cause arising), and so long as the vacancy or absence continues, the Deputy Managing Director shall have and may exercise all the powers, duties, and functions of the Managing Director.

The fact that the Deputy Managing Director exercises or performs any power, duty, or function of the Managing Director shall be conclusive evidence of his authority to do so.

The Managing Director and the Deputy Managing Director shall be respectively entitled to receive out of the funds of the Corporation such salaries and allowances as may be fixed by the Minister of Finance.

The directors, other than the Managing Director and the Deputy Managing Director, shall be entitled to receive out of the funds of the Corporation such fees and such allowances in respect of their expenses as may be fixed by the Minister of Finance.

The following enactments are hereby consequentially repealed:—

1936, No. 12

The persons holding office on the passing of this Act as the General Manager, the Assistant General Manager, the Secretary, or the Supervising Valuers of the Corporation shall be deemed to have been duly appointed to those positions as officers within the meaning of the Public Service Act 1912, and to have been officers of the Public Service at all times since their first appointment to the Public Service or to the staff of the Corporation, as the case may be.

All appointments to any of those positions shall be made under the provisions of the Public Service Act 1912.

Section twenty-four of the Finance Act 1949 is hereby repealed.

This section shall come into force on the passing of this Act.