Section 10B(9) in The Banking Regulation Act, 1949
(9)Notwithstanding anything contained in this section, where a person [appointed on a whole-time basis, as chairman of the Board of directors or managing director] [Substituted by Act 20 of 1994, Section 2, for certain words (w.e.f. 31.1.1994).] dies or resigns or is by infirmity or otherwise rendered incapable of carrying out his duties or is absent on leave or otherwise in circumstances not involving the vacation of his office, the banking company may, with the approval of the Reserve Bank, make suitable arrangements for carrying out the [duties of chairman or managing director] [Substituted by Act 20 of 1994, Section 2, for certain words (w.e.f. 31.1.1994).] for a total period not exceeding four months.
