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TMI BlogCompanies (Appointment of Small Shareholders Director) Rules 2001X X X X Extracts X X X X X X X X Extracts X X X X ..... powers conferred by section 642 read with section 252 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules, namely:- 1. Short title and Commencement:- (1) These rules may be called the Companies (Appointment of the Small Shareholders' Director) Rules, 2001. (2) They shall come into force on the date of their publication in the Official Gazette. 2. De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the company. (2) Small shareholders intending to propose a person shall leave a notice of their intention with the company at least 14 days before the meeting under the signature of at least 100 small shareholders specifying name, address, shares held and folio number and particulars of share with differential rights as to dividend and voting, if any, of the person whose name is being propose ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Companies Act except that he need not have to retire by rotation. (7) On expiry of his tenure, the same person if so desired by small shareholders, may be elected for an another period of 3 years. (8) Such director shall be treated as director for all other purposes except for appointment as whole time director or managing director. 5. Disqualification:- A person shall not be capable of being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s director has been passed by a Court in pursuance of section 203 and is in force, unless the leave of the Court has been obtained for his appointment in pursuance of that section. 6. Vacation of office:- A person appointed as small shareholders' director shall have to vacate the office if - (i) such person so elected, as director of small shareholders ceases to be a small shareholders' direct ..... X X X X Extracts X X X X X X X X Extracts X X X X
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