Section 29. Powers and remuneration of managing director

29. Powers and remuneration of managing director .—(1) A managing director— (a) shall be a whole-time officer of the State Bank;[3] * (b) subject to the general control of the chairman[4] *, shall exercise such powers and perform such duties as may be entrusted or delegated to him by the Central Board[5] [; and] 5 [(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[6] [as may be determined by the Central Government]. 7* * * * *