The State Bank of India Act, 1955 — back to Table of Contents
Section 29. Powers and remuneration of managing director
(1) A managing director—
(a) shall be a whole-time officer of the State Bank;
(b) subject to the general control of the chairman, shall exercise such powers and perform such duties as may be entrusted or delegated to him by the Central Board; and
(c) when authorised by the chairman, shall preside at the meetings of the Central Board in his absence.
(2) A managing director shall receive such salary and allowances as may be determined by the Central Government.
