Banking Regulation Act : Chairman and certain directors not to be required to

Banking Regulation Act,1949

Act No : 10

Section : Chairman and certain directors not to be required to holdqualification shares.

4*[10C. Chairman and certain directors not to be required to hold qualification shares. 5*[A chairman of the Board of directors who is appointed on a whole-time basis or a managing director] of a banking company (by whomsoever appointed) and a director of a banking company (appointed by the Reserve Bank under section 10A) shall not be required to hold qualification shares in the banking company.]