Section 29. Powers and remuneration of managing director .

(1) A managing director-- (a) shall be a whole-time officer of the State Bank; 1*** (b) subject to the general control of the chairman 2***, shall exercise such powers and perform such duties as may be entrusted or delegated to him by the Central Board 2[; and] 3[(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 4 [as may be determined by the Central Government]. 5* * * * *