Section 29
Powers and remuneration of managing director .
The State Bank of India Act, 1955
About this Act
An Act to constitute a State Bank for India, to transfer to it the undertaking of the Imperial Bank of India and to provide for other matters connected therewith or incidental thereto.
(1) A managing director--
(a) shall be a whole-time officer of the State Bank; 1***
(b) subject to the general control of the chairman 2***, shall exercise such powers and perform such duties as may be entrusted or delegated to him by the Central Board 2[; and]
3[(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 4 [as may be determined by the Central Government].
5* * * * *
(a) shall be a whole-time officer of the State Bank; 1***
(b) subject to the general control of the chairman 2***, shall exercise such powers and perform such duties as may be entrusted or delegated to him by the Central Board 2[; and]
3[(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 4 [as may be determined by the Central Government].
5* * * * *
Notes
1. The word “and” omitted by Act 27 of 2010, s. 22 (w.e.f. 15-9-2010).
2. The words “and the vice-chairman” omitted by s. 22, ibid. (w.e.f. 15-9-2010).
3. Ins. by s. 22, ibid. (w.e.f. 15-9-2010).
4. Subs. by Act 73 of 1976, s. 4, for certain words (w.e.f. 11-6-1976).
5. The proviso omitted by s. 4, ibid. (w.e.f. 11-6-1976).
2. The words “and the vice-chairman” omitted by s. 22, ibid. (w.e.f. 15-9-2010).
3. Ins. by s. 22, ibid. (w.e.f. 15-9-2010).
4. Subs. by Act 73 of 1976, s. 4, for certain words (w.e.f. 11-6-1976).
5. The proviso omitted by s. 4, ibid. (w.e.f. 11-6-1976).