State Bank of India Act,1955
Act No : 23
Section :
Term of office of chairman, managing director, etc.
20. Term of office of chairman, managing director, etc.- (1) 4*[The chairman, vice-chairman and each managing director] 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. 5*[(1A) Notwithstanding anything contained in sub-section (1), the Central Government shall have the right to terminate the term ---------------------------------------------------------------------- 1. Subs. by Act 3 of 1994, s. 8 (w.e.f. 15-10-1993). 2. Ins. by Act 48 of 1973, s. 3 (w.e.f. 1-7-1974). 3. Sub-sections (2) and (3) omitted by Act 35 of 1964, s. 3 (w.e.f. 1-12-1964). 4. Subs. by Act 73 of 1976, s. 4, for "The chairman and the vice- chairman" (w.e.f. 11-6-1976). 5. Ins. by s. 4, ibid. (w.e.f. 11-6-1976). 115 of office of the chairman, vice-chairman or a managing director, as the case may be, at any time before the expiry of the term fixed under sub-section (1) by giving him notice of not less than three months in writing or three months' salary and allowances in lieu of such notice; and the chairman, vice-chairman or a managing director, as the case may be, shall also have the right to relinquish his office at any time before the expiry of the term so fixed by giving to the Central Government notice of not less than three months in writing.] 1* * * * * (3) Subject to the provisions contained in section 19 2***, a director elected under clause (c) 3*** 4*[that section] shall hold office for 4*[three years] and thereafter until his successor shall have been duly elected 2*** and shall be eligible for re-election 5***: 5*[Provided that no such director shall hold office continuously for a period exceeding six years.] 6*[(3A) 4*[Subject to the provisions contained in sub-section (4), a director] appointed under clause (ca) or clause (cb) 7*[of section on nominated under clause (d) of that section] shall hold office for such hold office for such term, not exceeding three years, as the Central Government may specify and thereafter until his successor shall have been 4*[duly appointed or nominated], and shall be eligible 4*[for re-appointment or re-nomination, as the case may be]:] 5*[Provided that no such director shall hold office continuously for a period exceeding six years.] 8*[(4) A director appointed under clause (ca) or clause (cb) 7*[of section 19 or nominated under clause (d) or clause (e) or clause (f) of that section.]. Shall hold office during the pleasure of the authority appointing or nominating him, as the case may be]. 9* * * * * ---------------------------------------------------------------------- 1. Sub-section (2) omitted by Act 73 of 1976, s. 4 (w.e.f. 11-6- 1976). 2. Certain words omitted by Act 66 of 1988, s. 12 (w.e.f. 8-7-1992). 3. Certain words omitted by Act 3 of 1994, s. 9 (w.e.f. 15-10-1993) 4. Subs. by Act 66 of 1988, s. 12, for certain words (w.e.f. 8-7-1992). 5. Ins. by s. 12, ibid. (w.e.f. 8-7-1992). 6. Ins. by Act 48 of 1973, s. 4 (w.e.f. 1-7-1974). 7. Subs. by Act 3 of 1994, s. 9, for certain words (w.e.f. 15-10-1993). 8. Subs. by Act 66 of 1988 s. 12 for sub-section (4) (w.e.f 8-7-1992). 9. Sub-section (5) omitted s. 12, ibid. (w.e.f. 8-7-1992). 116
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