Section Provisions
THE BANK OF PUNJAB ACT, 1989 THE BANK OF PUNJAB ACT, 1989 11. Managing Director. (1) The Managing Director shall be appointed by the Government for a period not less than three years and not exceeding five years and on such salary and terms and conditions of service as the Government may determine: Provided that neither the salary nor the terms and conditions of service shall be varied to his disadvantage during his tenure of office: Provided further that the appointment may be terminated in the manner prescribed on the ground of physical or mental incapacity or gross misconduct. (2) The Managing Director shall on the expiry of his term of office be eligible for reappointment. (3) The Managing Director shall be the Chief Executive Officer of the Bank and shall, subject to any bye-laws made in. this behalf, direct and control on behalf of the Board, the affairs of the Bank.