State Bank of India Act : Powers and remuneration of managing director. Indian Bare Acts :

State Bank of India Act,1955

Act No : 23

Section : Powers and remuneration of managing director.

29. Powers and remuneration of managing director.-(1) A managing director-- (a) shall be a whole-time officer of the State Bank; and (b) subject to the general control of the chairman and the vice-chairman, shall exercise such powers and perform such duties as may be entrusted or delegated to him by the Central Board. (2) A managing director shall receive such salary and allowances 1*[as may be determined by the Central Government]. 2* * * * * ---------------------------------------------------------------------- 1. Subs. by Act 73 of 1976, s. 4, for certain words (w.e.f. 11-6- 1976). 2. Proviso omitted by s. 4, ibid. (w.e.f. 11-6-1976). 125