Section 10C of the Banking Regulation Act, 1949 grants an exemption from holding qualification shares in the banking company to which of the following categories of persons?

Section 10C, as substituted by the Banking Laws (Amendment) Act, 1983 (Act 1 of 1984) and further amended by the Banking Regulation (Amendment) Act, 1994, provides that a chairman of the Board of directors who is appointed on a whole-time basis, or a managing director (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. This exemption recognises that these persons are appointed for their professional expertise or regulatory need rather than as investor-representatives, and requiring them to hold shares would be an inappropriate and potentially impracticable precondition for their appointment.