Section 376. - Conditions prohibiting reconstruction or amalgamation of company. - Companies Act, 1956

Conditions prohibiting reconstruction or amalgamation of company. [1] [376. Where any provision in the memorandum or articles of a company, or in any resolution passed in general meeting by, or by the Board of Directors of, the company, or in an agreement between the company and any other person, whether made before or after the commencement of this Act, prohibits the reconstruction of the company or its amalgamation with any body corporate or bodies corporate, either absolutely or except on the condition that the managing director or manager of the company is appointed or reappointed as managing director or manager of the reconstructed company or of the body resulting from amalgamation, as the case may be, shall become void with effect from the commencement of this Act, or be void, as the case may be.] ----------------------------------------- Notes:- [1] Substituted by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000 for the following: "376. Condition prohibiting reconstruction or amalgamation of company except on continuance of managing agent, etc., to be void. Where any provision in the memorandum or articles of a company, or in any resolution passed in general meeting by, or by the Board of directors of the company, or in an agreement between the company and any other person, whether made before or after the commencement of this Act, prohibits the reconstruction of the company or its amalgamation with any other body corporate or bodies corporate, either absolutely or except on the condition that the managing director, or manager of the company is appointed or reappointed as managing director or manager of the reconstructed company or of the body resulting from amalgamation, as the case may be, shall become void with effect from the commencement of this Act, or be void, as the case may be."