Section 36AA(7) in The Banking Regulation Act, 1949
(7)Any person appointed as [chairman, director or chief executive officer] [Substituted by Act 58 of 1968, Section 13, for " director or chief executive officer" (w.e.f. 1.2.1969).] or other officer or employee under this section, shall-(a)hold office during the pleasure of the Reserve Bank and subject thereto for a period not exceeding three years or such further periods not exceeding three years at a time as the Reserve Bank may specify;(b)not incur any obligation or liability by reason only of his being a [chairman, director or chief executive officer] [Substituted by Act 58 of 1968, Section 13, for " director or chief executive officer" (w.e.f. 1.2.1969).] or other officer or employee or for anything done or omitted to be done in good faith in the execution of the duties of his office or in relation thereto.
