In section 10 of the principal Act,-
(a) in sub-section (1), in sub-clause (iii) of clause (c)-
(i) for the words "who has a contract with the company for its management", the words "whose term of office as a person managing the company is" shall be substituted;
(ii) for the first proviso, the following provisos shall be substituted, namely:-
"Provided that the term of office of any such person may be renewed or extended by further periods not exceeding five years on each occasion subject to the condition that such renewal or extension shall not be sanctioned earlier than two years from the date on which it is to come into force:
Provided also that where the term of office of such person is for an indefinite period, such term, unless it otherwise comes to an end earlier, shall come to an end immediately on the expiry of five years from the date of his appointment or on the expiry of three months from the date of commencement of section of the Banking Laws (Miscellaneous Provisions) Act, 1963, whichever is later.";
(b) sub-sections (3), (4) and (5) shall be omitted.
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