Section 24(2) in The State Bank Of India (Subsidiary Banks) Act, 1959
(2)Subject to any such directions and instructions, the general superintendence and conduct of the affairs and business of a subsidiary bank shall, as from the appointed day, vest in a Board of Directors who may, with the assistance of the [managing director] [Substituted by Act 48 of 1973, Section 21. for "general manager" (w.e.f. 1-7-1974)], exercise all powers and do all such acts and things as may be exercised or done by that bank.
