Section 10C
Chairman and certain directors not to be required to hold qualification shares.
The Banking Regulation Act, 1949
About this Act
An Act to consolidate and amend the law relating to banking.
1[10C. Chairman and certain directors not to be required to hold qualification shares.--2[A
chairman of the Board of directors who is appointed on a whole-time basis or a managing director] of a
banking company (by whomsoever appointed) and a director of a banking company (appointed by the
Reserve Bank under section 10A) shall not be required to hold qualification shares in the banking
company.]
Notes
1. Subs. by Act 1 of 1984, s. 19, for section 10C (w.e.f. 15-2-1984).
2. Subs. by Act 20 of 1994, s. 4, for "A chairman" (w.e.f. 31-1-1994).
2. Subs. by Act 20 of 1994, s. 4, for "A chairman" (w.e.f. 31-1-1994).