Section 10C of The Banking Regulation Act

Here we will see Section 10C of The Banking Regulation Act.

10C. Chairman and certain directors not to be required to hold qualification shares. A chairman of the Board of directors who is appointed on a wholetime 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.