Section 36AB(2) in The Banking Regulation Act, 1949
(2)Any person appointed as additional director in pursuance of this section-(a)shall hold office during the pleasure of the Reserve Bank and subject thereto for a period not exceeding three years or such further periods not exceeding three years at a time as the Reserve Bank may specify;(b)shall not incur any obligation or liability by reason only of his being a director or for anything done or omitted to be done in good faith in the execution of the duties of his office or in relation thereto; and(c)shall not be required to hold qualification shares in the banking company.
