(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* * * * *