Regulation 14 - Memorandum of Association....... - Companies Regulations, 1956

14. [1] [The Regional Director] may direct the company to insert in its memorandum, or in its articles, or partly in the one and partly in the other, such conditions of the licence as may be specified by [2] [the Regional Director] in this behalf. Supplemental Regulation [3] (As regards companies registered under section 25) Any company in respect of which a licence issued under section 25 of the Companies Act, 1956, read with the Companies Regulations, 1956, subsists at the commencement of these regulations may, at any time after such commencement, amend its memorandum of association in accordance with law so as to enable the company to pay in good faith, with the previous approval of the Central Government, reasonable and proper remuneration to any of its members in return for any services (not being services of a kind which are required to be rendered by a member), actually rendered to it, and thereupon the licence issued to the said company shall stand modified accordingly. ------------------------------------- Notes:- [1] Substituted by GSR 1850, dated 1-12-1966. [2] Substituted by GSR 1850, dated 1-12-1966. [3] Inserted by GSR 1445, dated 16-9-1967.