Section 29 — Powers and remuneration of managing director .
The State Bank of India Act, 1955
(1) A managing director-- (a) shall be a whole-time officer of the State Bank; 1 *** (b) subject to the general control of the chairman 2 ***, shall exercise such powers and perform such duties as may be entrusted or delegated to him by the Central Board 2 [; and] 3 [(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 4 [as may be determined by the Central Government]. 5 * * * * *Open in Lexace · Ask the AI about this section