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Home Bare Acts Phrase: managing agentCompanies Act, 1956 Chapter 3
Title: Managing Agents
State: Central
Year: 1956
..... 6. Inserted by Act 65 of 1960, Section 127 (w.e.f. 28-12-1960). 7. Inserted by Act 11 of 2000, Section 37. 8. Clause (a) omitted by Act, 2000, Section 160 (w.e.f. 13-12-2000). Section 350 - Ascertainment of depreciation 1[350. Ascertainment of depreciation The amount of depreciation to be deducted in pursuance of clause (k) of sub-section (4) of section 349 shall be2[the amount of depreciation on assets] as shown by the books of the company at the end of the financial year expiring at the commencement of this Act or immediately thereafter and at the end of each subsequent financial year,3[at the rate specified in Schedule XIV]: Provided that if any asset is sold, discarded, demolished or destroyed for any reason before depreciation of such asset has been provided for in full, the excess, if any, of the written-down value of such asset over its sale proceeds or, as the case may be, its scrap value, shall be written off in the financial year in which the asset is sold, discarded, demolished or destroyed.] _______________________ 1. Substituted by Act 65 of 1960, Section 128, for section 350 (w.e.f. 28-12-1960). 2. Substituted by Act 53 of 2000,.....
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 32
Title: Limitation on Employment of Managing Agents and on the Remuneration Payable to Them
State: Central
Year: 1938
.....in the articles of the insurer, if a company, or in any agreement entered into by the insurer, such managing agent shall cease to hold office on the expiry of three years from the commencement of this Act and no compensation shall be payable to him by the insurer by reason only of the premature termination of his employment as managing agent. (3) After the commencement of this Act, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913), and notwithstanding anything to the contrary contained in any agreement entered into by an insurer or in the articles of association of an insurer being a company, no insurer shall pay to a managing agent and no managing agent shall accept from an insurer as remuneration for his services as managing agent more than two thousand rupees per month in all, including salary and commission and other remuneration payable to and receivable by him, for his services as managing agent.
View Complete Act List Judgments citing this sectionState Financial Corporations Act, 1951 Section 32D
Title: No Right to Compensation for Termination of Contract of Managing Agent, Managing Director, Etc.
State: Central
Year: 1951
1[32D. No right to compensation for termination of contract of managing agent, managing director, etc (1) Notwithstanding anything to the contrary contained in any contract or in any law for the time being in force, no managing agent, managing director or any other director or a manager or any person in charge of management of an industrial concern shall be entitled to any compensation for the loss of office or for the premature termination under this Act of any contract of management entered into by him with such concern. (2) Nothing contained in Sub-section (1) shall affect the right of any such managing agent or managing director, or any other director or manager or any such person in charge of management to recover from the industrial concern, moneys recoverable otherwise than by way of such compensation.] ______________________ 1. Inserted by Act 56 of 1956, section 17 (w.e.f. 1-10-1956).
View Complete Act List Judgments citing this sectionRailway Companies (Emergency Provisions) Act, 1951 Section 4
Title: Effect of Notify Order Appointing Directors or Managing Agents
State: Central
Year: 1951
.....to has terminated; (c) the managing agent, if any appointed under this Act shall be deemed to have been duly appointed in pursuance of the Company Act and the memorandum and articles of association of the railway company, and the provisions of the Companies Act and of the memorandum and articles shall, subject to the other provisions contained in this Act, apply accordingly but no such managing agent shall be removed from office except with the previous consent of the Central Government. (d) the directors shall take such steps as may be necessary to take in to the I custody or under their control all the property, effect and actionable claims to which the railway company is, or appears to be, entitled, and all the property and effects of the railway company shall be deemed to be in the custody of the directors as from the date of the notify order; (e) the directors shall be for all purposes the directors of the railway company duly constituted under the Companies Act and shall alone been titled to exercise all the powers of the directors of the railway company, whether such powers are derived from the Companies Act or from the memorandum or articles of association of the.....
View Complete Act List Judgments citing this sectionBanking Regulation Act, 1949 Section 10
Title: Prohibition of Employment of Managing Agents and Restrictions on Certain Forms of Employment
State: Central
Year: 1949
.....person concerned; (iv) the remuneration paid toother persons employed by the banking company or to any person occupying asimilar position in any other banking company similarly situated; and (v) the interests of itsdepositors. 6 [7 [***].] (6) Anydecision or order of the Reserve Bank made under thissection shall be final for all purposes.] ___________________ 1. Subsituted by Act 33 of 1959, Section 6, for the proviso w.e.f.1-10-1959 2. Subsituted by Act 33 of 1959, Section 6 for sub-clause (i) w.e.f.1-10-1959. 3. Subsituted by Act 33 of 1959, Section 6 for sub-clause (i) w.e.f.1-10-1959. 4. Subsituted by Act 55 of 1963, Section 8, for certain words w.e.f.1-2-1964. 5. Subsituted by Act 55 of 1963, Section 8, for the first provisow.e.f. 1-2-1964. 6. Subsituted by Act 33 of 1959, Section 6, for sub-section (3)w.e.f. 1-10-1959. 7. Sub-sections (3), (4) and (5) omitted by Act 55 of 1963, Section 8w.e.f. 1-2-1964.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 239
Title: Power of Inspectors to Carry Investigation into Affairs of Related Companies, or of Managing Agent or Associate Etc
State: Central
Year: 1956
.....to in clause (b) (ii), (b) (iii), (c) or (d) of sub-section (1), the inspector shall not exercise his power of investigating into, and reporting on, its or his affairs without first having obtained the prior approval of the Central Government thereto: Provided that before according approval under this sub-section, the Central Government shall give the body corporate or person a reasonable opportunity to show cause why such approval should not be accorded.] ___________________ 1 . Substituted by Act 65 of 1960, Section 74, for section 239 (w.e.f. 28-12-1960). 2 . Substituted by Act 53 of 2000, Section 116, for clause (b) (w.e.f. 13-12-2000). 3 . Substituted by Act 53 of 2000, Section 116, for clause (d) (w.e.f. 13-12-2000). 4 . Substituted by Act 53 of 2000, Section 116, for certain words (w.e.f. 13-12-2000).
View Complete Act List Judgments citing this sectionRailway Companies (Emergency Provisions) Act, 1951 Section 11
Title: No Right to Compensation for Termination of Contract of Managing Agent or Any Other Contract
State: Central
Year: 1951
(1) Not with standing any thing contained in the Companies Act or in any other law for the time being in force, no managing agent shall be entitled to any compensation for the premature termination under this Act of any contract of management entered into by him with the railway company, and no person shall be entitled to compensation in respect of the cancellation or variation under this Act of any other contract or agreement. (2) Nothing contained in sub-section (1) shall affect the right of any such managing agent or person to recover from the railway company moneys recoverable otherwise than by way of such compensation.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 204A
Title: Restrictions on the Appointment of Former Managing Agents or Secretaries and Treasurers to Any Office [Repealed]
State: Central
Year: 1956
1[204A . Restrictions on the appointment of former managing agents or secretaries and treasurers to any office.- [Repealed by the Companies (Amendment) Act, 2000 (53 of 2000) Section 91 (w.e.f. 13-12-2000)]. ____________________ 1. Inserted by Act 41 of 1974, Section 17 (w.e.f. 1-2-1975).
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 325A
Title: Subsidiary of a Body Corporate Not to Be Appointed as Managing Agent [Repealed]
State: Central
Year: 1956
1[325A. Subsidiary of a body corporate not to be appointed as managing agent Rep. by the Companies (Amendment) Act, 2000 (53 of 2000), sec. 159 (w.e.f. 13-12-2000). _______________________ 1. Section 325A Inserted by Act 65 of 1960, Section 121 (w.e.f. 28-12-1960).
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Part 6
Title: Management and Administration
State: Central
Year: 1956
.....filed with the Registrar along with the return a certificate signed by 3 [the signatories] of the return, stating- (a) that the return states the facts as they stood on the day of the annual general meeting aforesaid, correctly and completely; 4 [***] 5 [(aa) that since the date of the last annual return the transfer of all shares and debentures and the issue of all further certificates of shares and debentures have been appropriately recorded in the books maintained for the purpose; and] (b) in the case of a private company also, (i) that the company has not, since the date of the annual general meeting with reference to which the last return was submitted, or in the case of a first return, since the date of the incorporation of the company, issued any invitation to the public to subscribe for any shares or debentures of the company, and (ii) that, where the annual return discloses the fact that the number of members of the company exceeds fifty, the excess consists wholly of persons who under sub-clause (b) of clause (iii) of sub-section (1) of section 3 are not to be included in reckoning the number of fifty. ____________________ 1. The words "managing agent,.....
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