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TMI BlogDirector, etc., not to hold office or place of profit.X X X X Extracts X X X X X X X X Extracts X X X X ..... [such sum as may be prescribed], except that of managing director or manager,] banker or trustee for the holders of debentures of the company, (i) under the company; or (ii) under any subsidiary of the company, unless the remuneration received from such subsidiary in respect of such office or place of profit is paid over to the company or its holding company: [5] [Provided that it shall be sufficient if the special resolution according the consent of the company is passed at the general meeting of the company held for the first time after the holding of such office or place of profit: Provided further that where a relative of a director or a firm in which such relative is a partner, is appointed to an offic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsent of the company by a special resolution and the approval of the Central Government: [8] [* * *] [9] [(2) [10] [(a)] If any office or place of profit is held in contravention of the provisions of sub-section (1), the director, partner, relative, firm, private company [11] [* * *], or the manager concerned, shall be deemed to have vacated his or its office as such on and from the date next following the date of the general meeting of the company referred to in the first proviso or, as the case may be, the date of the expiry of the period of three months referred to in the second proviso to that sub-section, and shall also be liable to refund to the company any remuneration received or the monetary equivalent of any p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m the commencement of the Companies (Amendment) Act, 1974 (41 of 1974) or the date next following the date of the general meeting of the company referred to in the said proviso, whichever is earlier, and shall be liable to refund to the company any remuneration received or the monetary equivalent of any perquisite or advantage enjoyed by him or it for the period immediately preceding the date aforesaid in respect of such office or place of profit. (2D) The Company shall not waive the recovery of any sum refundable to it under sub-section (2B) [15] [* * *] unless permitted to do so by the Central Government.] (3) Any office or place [16] [* * *] shall be deemed to be an office or place of profit under the company [17] [within th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n which such a director or relative is a partner, no private company of which such a director is a director or member, and no director, managing agent, secretaries, and treasures, or manager of such a private company shall hold any office or place of profit carrying a total monthly remuneration of five hundred rupees or more, except that of managing director, managing agent, secretaries and treasures, manager, legal or technical adviser, ]. [4] Substituted by Companies (Amendment) Act, 1988, section 48, w.e.f. 15-6-1988, for the words "five hundred rupees or more". [5] Substituted by the Companies (Amendment) Act, 1965, Act 31 of 1965, section 44, for the proviso, w.e.f. 15-10-1965. Earlier it was inserted by the Companies (Amendm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1965, Act 31 of 1965, section 44, for sub-section (2), w.e.f. 15-10-1965. [10] Sub-section (2) relettered as clause (a) of that sub-section by the Companies (Amendment) Act, 1974, Act 41 of 1974, section 29, w.e.f. 1-2-1975. [11] Omitted by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000. as provisions relating to managing agents, secretaries and treasures had become redundant after abolition of system by Act 17 of 1969. [12] Inserted by the Companies (Amendment) Act, 1974, Act 41 of 1974, section 29, w.e.f. 1-2-1975. [13] Inserted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 116. [14] Inserted by the Companies (Amendment) Act, 1974, Act 41 of 1974, section 29, w.e.f. 1-2-1975. [15] The wo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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