Section 30 in The State Bank Of India (Subsidiary Banks) Act, 1959
30. Remuneration of director.
- A director of a subsidiary bank shall be paid for attending the meetings of the Board of Directors or of any of its committees and for attending to any other business of the subsidiary bank such fees and allowances as may be prescribed:Provided that no fees shall be payable to the chairman of the State Bank [or the managing director of the subsidiary bank] [Inserted by Act 48 of 1973, Section 25, (w.e.f. 1-7-1974)] or any other director who is a whole time officer of the Central Government or the Reserve Bank or the State Bank.
