Section 35B(3) in The Banking Regulation Act, 1949
(3)No act done by a person [as chairman or a managing or whole-time director] [Substituted by Act 58 of 1968, Section 11, for " as a managing or whole-time director" (w.e.f. 1.2.1969).] or a director not liable to retire by rotation or a manager or a chief executive officer by whatever name called, shall be deemed to be invalid on the ground that it is subsequently discovered that his [appointment or re-appointment] [Substituted by Act 58 of 1968, Section 11, for " appointment" (w.e.f. 1.2.1969).] had not taken effect by reason of any of the provisions of this Act; but nothing in this sub-section shall be construed as rendering valid any act done by such person after his [appointment or re-appointment] [Substituted by Act 58 of 1968, Section 11, for " appointment" (w.e.f. 1.2.1969).] has been shown to the banking company not to have had effect.
