# 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.]
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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).
BUSINESS OF BANKING COMPANIES
10
Prohibition of employment of managing agents and restrictions on certain forms of employment10A
Board of directors to include persons with professional or other experience10B
Banking company to be managed by whole time chairman10BB
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 company10D
Provisions of sections 10A and 10B to override all other laws, contracts, etc11
Requirement as to minimum paid-up capital and reserves12
Regulation of paid-up capital, subscribed capital and authorised capital and voting rights of shareholders
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