The Banking Regulation Act, 1949
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.]
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