*[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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* Subs. by Act 20 of 1994, s. 4, for "A chairman" (w.e.f. 31-1-1994).
Any appointment or removal of a 1[director, chairman of the Board of directors who is appointed on a whole-time basis or managing director] in pursuance of section 10A or section 10B 2[or section 10BB] shall have effect and any such person shall not be entitled to claim any compensation for the loss or termination of office, notwithstanding anything contained in any law or in any contract, memorandum or articles of association.]
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1. Subs. by Act 20 of 1994, s. 5, for "director or chairman" (w.e.f.
31-1-1994)
2. Ins. by Act 1 of 1984, s. 20 (w.e.f. 15-2-1984).
Section 3 Act not to apply to certain co-operative societies
Section 4 Power to suspend operation of Act
Section 5A Act to override memorandum, articles, etc
Section 6 Forms of business in which banking companies may engage
Section 7 Use of words bank, banker, banking or banking company
Section 8 Prohibition of trading
Section 9 Disposal of non-banking assets
Section 10A Board of directors to include persons with professional or other experience
Section 10B Banking company to be managed by whole time chairman
Section 11 Requirement as to minimum paid-up capital and reserves
Section 12A Election of new directors
Section 12B Regulation of acquisition of shares or voting rights
Section 13 Restriction on commission, brokerage, discount, etc., on sale of shares
Section 15 Restrictions as to payment of dividend