¹[10BB. Power of Reserve Bank to appoint ²[chairman of the Board of directors appointed on on a whole-time basis or a managing director] of a banking company.—(1) Where the office of the ²[chairman of the Board of directors appointed on a whole-time basis or a managing director] of a banking company is vacant, the Reserve Bank may, if it is of opinion that the continuation of such vacancy is likely to adversely affect the interests of the banking company, appoint a person, eligible under sub-section (4) of section 10B to be so appointed, to be the ²[chairman of the Board of directors appointed on a whole-time basis or a managing director] of the banking company and where the person so appointed is not a director of such banking company, he shall, so long as he holds the office of the ²[chairman of the Board of directors appointed on a whole-time basis or a managing director], be deemed to be a director of the banking company.

(2) The ²[chairman of the Board of directors appointed on a whole-time basis or a managing director] so appointed by the Reserve Bank shall be in the whole-time employment of the banking company and shall hold office for such period not exceeding three years, as the Reserve Bank may specify, but shall, subject to other provisions of this Act, be a eligible for reappointment.

(3) The ²[chairman of the Board of directors appointed on a whole-time basis or a managing director] so appointed by the Reserve Bank shall draw from the banking company such pay and allowances as the Reserve Bank may determine and may be removed from office only by the Reserve Bank.

(4) Save as otherwise provided in this section, the provisions of section 10B shall, as far as may be, apply to the ²[chairman of the Board of directors appointed on a whole-time basis or a managing director] appointed by the Reserve Bank under sub-section (1) as they apply to a ²[chairman of the Board of directors appointed on a whole- time basis or a managing director] appointed by the banking company]

1. Ins. by Act 1 of 1984, s. 18 (w.e.f. 15-2-1984).
2. Subs. by Act 20 of 1994, s. 3, for "chairman " (w.e.f. 31-1-1994).