Section 36AA(4) in The Banking Regulation Act, 1949
(4)Where any order is made in respect of [a chairman, director] [Substituted by Act 58 of 1968, Section 13, for " a director" (w.e.f. 1.2.1969).] or chief executive officer or other officer or employee of a banking company under sub-section (1), he shall cease to be [a chairman or, as the case may be, a director,] [Substituted by Act 58 of 1968, Section 13, for " a director or, as the case may be" (w.e.f. 1.2.1969).] chief executive officer or other officer or employee of the banking company and shall not, in any way, whether directly or indirectly, be concerned with, or take part in the management of, any banking company for such period not exceeding five years as may be specified in the order.
