Section 491 - Board's powers to cease on appointment of a liquidator. - Companies Act, 1956

Board's powers to cease on appointment of a liquidator. 491. On the appointment of a liquidator, all the powers of the Board of directors and of the managing or whole-time directors [1] [* * *] and manager, if there be any of these, shall cease, except for the purpose of giving notice of such appointment to the Registrar in pursuance of section 493 or in so far as the company in general meeting or the liquidator may sanction the continuance thereof. ------------------------------------- Notes:- [1] Omitted by the Companies (Amendment) Act, 2000, w.e.f 13-12-2000, as provisions relating to managing agents, secretaries and treasure had become redundant after abolition of system by Act 17 of 1969.