law: The Small Industries Development Bank of India Act, 1989 
  7. Managing Director 
  1.     
  
    The
  
  Development Bank shall appoint a Managing Director of the Small Industries Bank
  
  who shall be the whole-time chief executive of that Bank.
  2.     
  
    Subject
  
  to the provisions of section 5 and, save as otherwise provided in regulations
  
  made under this Act, the power of general superintendence, directions and
  
  management of the affairs and business of the Small Industries Bank shall vest
  
  in the Managing Director who shall also exercise such powers and perform such
  
  duties as may be delegated to him by Board or the Chairman.
  3.     
  
    The
  
  Managing Director shall, in exercise of his powers and performance of his
  
  duties under this Act, follow such directions as the Board or the Chairman may
  
  give.
  4.     
  
    The
  
  salary, allowances and other conditions of service of the Managing Director
  
  shall be such as may by the Development Bank.
  5.     
  
    The
  
  Managing Director shall hold office for such term not exceeding five years as
  
  the Development Bank may specify in this behalf and shall be eligible for
  
  reappointment.
  6.     
  
    The
  
  Development Bank may remove the Managing Director at any time after giving him
  
  a reasonable opportunity of showing cause against the proposed removal.
  7.     
  
    Notwithstanding
  
  anything contained in sub-section (5) and (6), the Development Bank shall have
  
  the right to terminate the term of office of the Managing Director at any time
  
  by giving him notice, in writing, of not less than three months or three
  
  month's salary and allowances in lieu thereof, and the Managing Director shall
  
  also have the right to relinquish his office at any time by giving to the
  
  Development bank notice, in writing, of not less than three months.