Section 10B(5) in The Banking Regulation Act, 1949
(5)[[(5) A [chairman of the Board of directors appointed on a whole-time basis or a managing director] [Substituted by Act 20 of 1994, Section 2, for certain words (w.e.f. 31.1.1994).][Substituted by Act 20 of 1994, Section 2, for sub-Section (1) (w.e.f. 31.1.1994).] of a banking company may, by writing, under his hand addressed to the company, resign his office, [* * *] [The words " but shall continue in office untill his successor assumes office" omitted by Act 1 of 1984, Section 17 (w.e.f. 15.2.1984).].[(5-A)[(5) A [chairman of the Board of directors appointed on a whole-time basis or a managing director] [Inserted by Act 1 of Act 1 of 1984, Section 17 (w.e.f. 15.2.1984).] whose term of office has come to an end, either by reason of his resignation or by reason of expiry of the period of his office, shall, subject to the approval of the Reserve Bank, continue in office until his successor assumes office.]
