Section 36AB(1) in The Banking Regulation Act, 1949
(1)If the Reserve Bank is of [opinion that in the interest of banking policy or in the public interest or] [Substituted by Act 58 of 1968, Section 14, for " opinion that" (w.e.f. 1.2.1969).] in the interests of the banking company or its depositors it is necessary so to do, it may, from time to time by order in writing, appoint, with effect from such date as may be specified in the order, one or more persons to hold office as additional directors of the banking company:[* * *] [Proviso omitted by Act 1 of 1984, Section 31 (w.e.f. 15.2.1984).]
