29. Powers and remuneration of managing director
(1)
A managing director—
(a)
shall be a whole-time officer of the State Bank; ***
(b)
subject to the general control of the chairman ***, shall exercise such powers and perform such duties as may be entrusted or delegated to him by the Central Board [; and] [(c) when authorised by the chairman, shall preside at the meetings of the Central Board in his absence.]
(2)
A managing director shall receive such salary and allowances [as may be determined by the Central Government].
* * * * *
Amendment notes (5)
- omitted w.e.f. 15-9-2010 . The word “and” omitted by Act 27 of 2010, s. 22 (w.e.f. 15-9-2010).
- omitted w.e.f. 15-9-2010 . The words “and the vice-chairman” omitted by s. 22, ibid. (w.e.f. 15-9-2010).
- Ins w.e.f. 15-9-2010 . Ins. by s. 22, ibid. (w.e.f. 15-9-2010).
- Subs w.e.f. 11-6-1976 . Subs. by Act 73 of 1976, s. 4, for certain words (w.e.f. 11-6-1976).
- omitted w.e.f. 11-6-1976 . The proviso omitted by s. 4, ibid. (w.e.f. 11-6-1976).