Section 10BB(1) in The Banking Regulation Act, 1949
(1)Where the office of the [chairman of the Board of directors appointed on a whole-time basis or a managing director] [Substituted by Act 20 of 1994, Section 3, for " chairman" (w.e.f. 31.1.1994).] of a banking company is vacant, the Reserve Bank may, if it is of opinion that the continuation of such vacancy is likely to adversely affect the interests of the banking company, appoint a person, eligible under sub-section (4) of section 10-B to be so appointed, to be the [chairman of the Board of directors appointed on a whole-time basis or a managing director] [Substituted by Act 20 of 1994, Section 3, for " chairman" (w.e.f. 31.1.1994).] of the banking company and where the person so appointed is not a director of such banking company, he shall, so long as he holds the office of the [chairman of the Board of directors appointed on a whole-time basis or a managing director] [Substituted by Act 20 of 1994, Section 3, for " chairman" (w.e.f. 31.1.1994).], be deemed to be a director of the banking company.
