Office or place of profit - Prohibition against director holding ‑ Whether director working as manager and as, secretary holds office of profit - Companies Law - Letter : No. 8/16(1)/61‑PR,

Letter : No. 8/16(1)/61 ‑ PR, dated 9 ‑ 5 ‑ 1961. Subject:- Office or place of profit - Prohibition against director holding ‑ Whether director working as manager and as, secretary holds office of profit Query : If a director of a company styles himself as secretary and manager and does the work of both manager and secretary, will a special resolution be necessary in case his monthly salary is Rs. 500 or more ? Answer : If a director of a company functions as manager and secretary and draws remuneration therefor, then, he in fact, is a managing director and holds office of profit in the capacity of secretary. Section 314 does no apply if a director holds an office as managing director, and sections 198, 269 and 309, etc., will be attracted.