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Section 29: Powers and remuneration of managing director .

The State Bank of India Act, 1955Central Act · Act 23 of 1955

(1) A managing director--

(a) shall be a whole-time officer of the State Bank; ***

(b) subject to the general control of the chairman ***, shall exercise such powers and perform such duties as may be entrusted or delegated to him by the Central Board [; and]

[(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 Government].

* * * * *

Where this provision sits

ActThe State Bank of India Act, 1955
Section29
Marginal notePowers and remuneration of managing director .
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • omitted, Act 27 of 2010. . The word “and” omitted by Act 27 of 2010, s. 22 (w.e.f. 15-9-2010).
  • omitted. . The words “and the vice-chairman” omitted by s. 22, ibid. (w.e.f. 15-9-2010).
  • inserted. . Ins. by s. 22, ibid. (w.e.f. 15-9-2010).
  • substituted, Act 73 of 1976. . Subs. by Act 73 of 1976, s. 4, for certain words (w.e.f. 11-6-1976).
  • omitted. . The proviso omitted by s. 4, ibid. (w.e.f. 11-6-1976).

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