Section 29: Powers and remuneration of managing director.

(1) A managing director—

(a) shall be a whole-time officer of the State Bank; [Omitted]

(b) subject to the general control of the chairman [Omitted] , 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. [Omitted]