(1)A managing director-(a)shall be a whole-time officer of the State Bank; [***] [Omitted by Act 27 of 2010 for the word "and"](b)subject to the general control of the chairman and the [****] [Omitted by the Act 27 of the word "vice-chairman"], shall exercise such powers and perform such duties as may be entrusted or delegated to him by the Central Board.(c)[ when authorised by the chairman, shall preside at the meetings of the Central Board in his absence.] [Inserted by the Act 27 of the 2010 ](2)A managing director shall receive such salary and allowances as may be determined by the Central Government:[* * *]
