law: Banking Regulation Act, 1949
  16. Prohibition of common Directors
  [(1) No banking company incorporated in India shall have as a
  
  Director in its Board of Directors any person who is a Director of any other
  
  banking company.
  (1A) No banking company referred to in
  
  sub-section (1) shall have in its Board of Directors more than three Directors
  
  who are Directors of companies which among themselves are entitled to exercise
  
  voting rights in excess of twenty per cent of the total voting rights of all
  
  the share-holders of that banking company.
  (2) If immediately before commencement of the
  
  Banking Companies (Amendment) Act, 1956 (95 of 1956), any person holding office
  
  as a Director of a banking company is also a Director of companies which among
  
  themselves are entitled to exercise voting rights in excess of twenty per cent
  
  of the total voting rights of all the shareholders of the banking company, he
  
  shall, within such period from such commencement as the Reserve Bank may
  
  specify in this behalf-
  (a) either resign his
  
  office as a Director of the banking company; or
  (b) choose such number
  
  of companies as among themselves are not entitled to exercise voting rights in
  
  excess of twenty per cent of the total voting rights of all the shareholders of
  
  the banking company as companies in which he wishes to continue to hold the
  
  office of a Director and resign his office as a Director in the other
  
  companies.]
  (3) Nothing in sub-section (1) shall apply to,
  
  or in relation to, any Director appointed by the Reserve Bank.]