Section 35B(1) in The Banking Regulation Act, 1949
(1)In the case of a banking company-(a)no amendment of any provision relating to [the maximum permissible number of directors or] [Inserted by Act 1 of 1984, Section 30 (w.e.f. 15.2.1984).] the [appointment or re-appointment or termination of appointment or remuneration of a chairman, a] [Substituted by Act 58 of 1968, Section 11, for " appointment or re-appointment or renumbered of a" (w.e.f. 1.2.1969).] [managing director or any other director, whole-time or otherwise] [Substituted by Act 33 of 1959, Section 21, for " managing or whole-time director or of a director not liable to retire by rotation" (w.e.f. 1.10.1959).] or of a manager or a chief executive officer by whatever name called, whether that provision be contained in the company's memorandum or articles of association, or in an agreement entered into by it, or in any resolution passed by the company in general meeting or by its Board of directors shall have effect unless approved by the Reserve Bank;(b)[ no appointment or re-appointment or termination of appointment of a chairman, a managing or whole-time director, manager or chief executive officer by whatever name called, shall have effect unless such appointment, re-appointment or termination of appointment is made with the previous approval of the Reserve Bank.] [Substituted by Act 58 of 1968, Section 11, for Clause (b) (w.e.f. 1.2.1969).][Explanation. - For the purpose of this sub-section, any provision conferring any benefit or providing any amenity or perquisite, in whatever form, whether during or after the termination of the term of office [of the chairman or the manager] [Added by Act 33 of 1959, Section 21 (w.e.f. 1.2.1969).] or the chief executive officer by whatever name called or the managing director, or any other director, whole-time or otherwise, shall be deemed to be a provision relating to his remuneration.] [Inserted by Act 1 of 1984, Section 29 (w.e.f. 15.2.1984).]
