The State Bank of India Act,1955
Section 29. Powers and remuneration of managing director
(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 1[***], shall exercise such powers and perform such duties as may be entrusted or delegated to him by the Central Board. 2[And]
2[(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 Board with the approval of the Central Government:
Provided that in respect of the first managing director or directors, the Central Government may determine the salary and allowances payable to him or them.
1. Omitted by Act 27 of 2010 w.e.f. 24-8-2010.
2. Ins. by Act 27 of 2010 w.e.f. 24-8-2010.