1[10C. Chairman and certain directors not to be required to hold qualification shares.—2[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.]1. Subs. by Act 1 of 1984, s. 19, for section 10C (w.e.f. 15-2-1984). 2. Subs. by Act 20 of 1994, s. 4, for "A chairman " (w.e.f. 31-1-1994).