Section 10CCentral Act
Section 10C: Chairman and certain directors not to be required to hold qualification shares.
1[10C. Chairman and certain directors not to be required to hold qualification shares.--2[A chairman of the Board of directors who is appointed on a whole-time basis or a managing director] of a banking company (by whomsoever appointed) and a director of a banking company (appointed by the Reserve Bank under section 10A) shall not be required to hold qualification shares in the banking company.]
1. Subs. by Act 1 of 1984, s. 19, for section 10C (w.e.f. 15-2-1984). 2. Subs. by Act 20 of 1994, s. 4, for "A chairman" (w.e.f. 31-1-1994).
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Sec 10BB — Power of Reserve Bank to appoint chairman of the Board of directors appointed on a whole-time basis or a managing director of a banking company.
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Sec 10D — Provisions of sections 10A and 10B to override all other laws, contracts, etc.
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