Section 29(3) in The State Bank Of India (Subsidiary Banks) Act, 1959
(3)The [managing director] [Substituted by Act 48 of 1973, Section 21 for "general manager" (w.e.f. 1-7-1974)] of a subsidiary bank--(a)shall devote his whole time to the affairs of that bank:Provided that the [managing director] [Substituted by Act 48 of 1973, Section 21 for "general manager" (w.e.f. 1-7-1974)] of the subsidiary bank may, [with the approval of the State Bank and the Central Government in consultation with the Reserve Bank] [Substituted by Act 17 of 2011.], be a director of any other institution;(b)shall hold office for such term not exceeding four years and subject to such conditions as the State Bank may, [in consultation with the Reserve Bank and with the approval of the Central Government] [Substituted by Act 17 of 2011.], specify at the time of his appointment;(c)shall receive such salary and allowances as may be determined by the State Bank [in consultation with the Reserve Bank and with the approval of the Central Government] [Substituted by Act 17 of 2011.].
