Section 10B(3) in The Banking Regulation Act, 1949
(3)Every person holding office on the commencement of section 3 of the Banking Laws (Amendment) Act, 1968 (58 of 1968), as managing director of a banking company shall-(a)if there is a chairman of its Board of directors, vacate office on such commencement, or(b)if there is no chairman of its Board of directors, vacate office on the date on which the chairman of its Board of directors is elected or appointed in accordance with the provisions of this section.
