29. Managing director.-(1) The State Bank shall, after consulting the Board of Directors of a subsidiary bank, and with the approval of the Reserve Bank, appoint a managing director for that subsidiary bank:
Provided that in the case of the first appointment of the managing director no such consultation with the Board of Directors of the subsidiary bank shall be necessary.
(2) Subject to the general control of the Board of Directors, the day to day administration and management of the affairs of a subsidiary bank shall vest in the managing director, and the managing director shall exercise such other powers and perform such other duties as may be delegated to him by the Board of Directors.
(3) The managing director of a subsidiary bank—
(a) shall devote his whole time to the affairs of that bank:
Provided that the managing director of the subsidiary bank may, with the approval of the State Bank and the Reserve Bank, be a director of any other institution;
(b) shall hold office for such term not exceeding four years and subject to such conditions as the State Bank may, with the approval of the Reserve Bank, specify at the time of his appointment; (c) shall receive such salary and allowances as may be determined by the State Bank with the approval of the Reserve Bank.
(4) The managing director vacating his office shall be eligible for re-appointment.
(5) The State Bank may, with the approval of the Reserve Bank, for any sufficient reason, remove from office the managing director of a subsidiary bank:
Provided that no such managing director shall be removed from office unless he has been given an opportunity of showing cause against such removal.
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