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(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* * * * *
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1. The word “and” omitted by Act 27 of 2010, s. 22 (w.e.f. 15-9-2010).
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2. The words “and the vice-chairman” omitted by s. 22, _ibid_. (w.e.f. 15-9-2010).
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3. Ins. by s. 22, _ibid_. (w.e.f. 15-9-2010).
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4. Subs. by Act 73 of 1976, s. 4, for certain words (w.e.f. 11-6-1976).
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5. The proviso omitted by s. 4, _ibid_. (w.e.f. 11-6-1976).
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