No Banking Company (a)shall employ or be managed by a managing agent ; or (b) shall employ or continue the employment of any person (i) who is, or at any time has been, adjudicated insolvent or has suspended payment or has compounded with his creditors, or who is, or has been, convicted by a criminal Court of an offence Involving (ii)whose remuneration or part of whose remuneration takes the form of commission or of a share in the profits of the company: Provided that nothing contained in this clause shall apply to the payment of any bonus by any banking company in pursuance of a settlement or award arrived at or made under any law relating to industrial disputes or in accordance with any scheme framed by such banking company or in accordance with the usual practice prevailing in banking business ; or (iii)whose remuneration is, in the opinion of the Reserve Bank, excessive; or ( c) . . . . . . . . . . 232 Explanation.