Section 10B(2) in The Banking Regulation Act, 1949
(2)[Every chairman of the Board of directors who is appointed on a whole-time basis and every managing director] [Substituted by Act 20 of 1994, Section 2, for " Every chairman of the Board of Directors" (w.e.f. 31.1.1994).] of a banking company shall be in the whole-time employment of such company and shall hold office for such period, not exceeding five years, as the Board of directors may fix, but shall, subject to the provisions of this section, be eligible for re-election or re-appointment:Provided that nothing in this sub-section shall be construed as prohibiting a chairman from being a director of a subsidiary of the banking company or a director of a company registered under section 25 of the Companies Act, 1956 (1 of 1956).
