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Section 20 – The State Bank of India Act,1955

The State Bank of India Act,1955

Section 20. Term of office of chairman, managing director, etc

(1) The chairman and the 2[***] shall hold office for such term, not exceeding five years, as the Central Government may fix when appointing them and shall be eligible for reappointment.

2[(1-A) ***]

(2) A managing director shall hold office for such term, not exceeding five years, as the Central Board or in the case of the first two appointments, the Central Government, may fix when appointing him, and shall be eligible for reappointment.

(3) Subject to the provisions contained in section 19 and in sub-section (5), a director elected under clause (c) of sub-section (1) of section 19 or nominated under clause (d) of that sub-section shall hold office for four years 1[****] or nominated, and shall be eligible for re-election or re-nomination.

2[(3-A) ***]

(4) A director nominated under clause (e) or clause (f) of sub-section (1) of section 19 shall hold office during the pleasure of the authority nominating him.

(5) The following provisions shall have effect in relation to directors elected or nominated to the Central Board after the expiration of two years from the appointed day :-

(i) Out of the six directors elected under clause (c) of sub-section (1) of section 19, two shall retire at the end of one year, two at the end of two years and two at the end of three years from such expiration;

(ii) Out of the eight directors nominated under clause (d) of sub-section (1) of section 19, two shall retire at the end of one year, two at the end of two years, two at the end of three years and two at the end of four years from such expiration

(iii) The directors to retire at the end of each year under clauses (i) and (ii) shall be determined by lot.

——————–

1. Omitted by Act No. 45 of 2006 w.e.f. 25-9-2006.

2. Omitted by Act 27 of 2010 w.e.f. 24-8-2010.

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