Section 10BB(2) in The Banking Regulation Act, 1949
(2)The [chairman of the Board of directors appointed on a whole-time basis or a managing director] [Substituted by Act 20 of 1994, Section 3, for " chairman" (w.e.f. 31.1.1994).] 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 eligible for reappointment.
