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.
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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.
