Every chairman of the Board of directors who is appointed on a whole-time basis and every managing director of a banking company shall be in the whole -time employment of such company and shall hold office for such period, ________________, as the Board of directors may fix, but shall, subject to the provisions of this section, be eligible for re-election or re-appointment.

Banking Regulation Act, Section 10B.   Banking company to be managed by whole time chairman: (2) Every chairman of the Board of directors who is appointed on a whole-time basis and every managing director] of a banking company shall be in the whole-time employment of such company and shall hold office for such period, not exceeding five years, as the Board of directors may fix, but shall, subject to the provisions of this section, be eligible for re-election or re-appointment.