Section 10B(4) in The Banking Regulation Act, 1949
(4)[Every chairman who is appointed on a whole-time basis and every managing director of a banking company appointed under sub-section (1-A)] [Substituted by Act 20 of 1994, Section 2, for certain words (w.e.f. 31.1.1994).] shall be a person who has special knowledge and practical experience of-(a)the working of a banking company, or of the State Bank of India or any subsidiary bank or a financial institution, or(b)financial, economic or business administration:Provided that a person shall be disqualified for being a [chairman who is appointed on a whole-time basis or a managing director] [Substituted by Act 20 of 1994, Section 2, for " Every chairman of the Board of Directors" (w.e.f. 31.1.1994).], if he-(a)is a director of any company other than a company referred to in the proviso to sub-section (2), or(b)is a partner of any firm which carries on any trade, business or industry, or(c)has a substantial interest in any other company or firm, or(d)is a director, manager, managing agent, partner or proprietor of any trading, commercial or industrial concern, or(e)is engaged in any other business or vocation.
