Section 59 in State Bank of India General Regulations, 1955
59. [ Fees for Directors, etc. [Substituted by Resn. C.B.S.B.I., dated 29.11.1994 (w.e.f. 15-10-1993)]
(1)A director not being a managing director or an officer of the Central Government or of the Reserve Bank shall be paid fees by the State Bank at the following rates namely : -(a)for attending meetings of the Central Board:at such rate as may be advised from time to time by the Central Government for public sector banks;(b)for attending meetings of the Executive Committee :one half of the rate applicable for attending meeting of the Central Board ;(c)for attending any other work of the State Bank ;such sum as the Central Board may fix from time to time having regard to the nature and amount of work involved.(2)A Local Board Member not being a managing director or chief general manager of a local head office or an officer of the Central Government or the Reserve Bank shall be paid fees at the following rates, namely : -(a)for attending meetings of the Local Board ;at the same rate as permissible under item (a) of sub-regulation (1) of regulation 59;(b)for attending meetings of the Committee of the Local Board :one half of the rate applicable for attending the meeting of the Local Board;(c)for attending to any other work of the State Bank :such sum as the Central Board may fix from time to time having regard to the nature and amount of work involved.]
