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Start Free TrialCOMPANIES ACT, 1956 Section 302
Title: Disclosure to members of director's interest in contract appointing manager, managing director
State: Central
Year: 1956
.....a manager or a managing or whole-time director, or varying any previous contract or resolution of the company relating to the appointment of a manager or a managing or whole-time director, as they apply in relation to any contract6[***] for the like purpose. _______________________ 1. The words "managing agent or secretaries and treasurers," omitted by Act 53 of 2000 (w.e.f. 13-12-2000). 2. Sub-section (3) omitted by Act 53 of 2000, Section 147 (w.e.f. 13 -12-2000). 3. Substituted by Act 53 of 2000, Section 147, for "one thousand rupees" (w.e.f. 13-12-2000). 4. The words "managing agent or secretaries and treasurers," omitted by Act 53 of 2000, Section 147 (w.e.f. 13-12-2000). 5. The words "or proposed resolution" omitted by Act 65 of 1960, Section 109 (w.e.f. 28-12-1960). 6. The words "or proposed contract" omitted by Act 65 of 1960, Section 109 (w.e.f. 28-12-1960).
View Complete Act List Judgments citing this sectionState Bank of India Subsidiary Banks Act, 1959 Section 29
Title: Managing Director
State: Central
Year: 1959
..... (c) shall receive such salary and allowances as may be determined by the State Bank with the approval of the Reserve Bank. (4) The1[managing director] vacating his office shall be eligible for reappointment. (5) The State Bank may, with the approval of the Reserve Bank, for any sufficient reason, remove from office the1[managing director] of a subsidiary bank : Provided that no1[managing director] shall be removed from office unless be has been given an opportunity of showing cause against such removal. _____________________________ 1. Substituted for the words "general manager" by the State Bank Laws (Amendment) Act, 1973(48 of 1973), Section 21 w.e.f. 1-7-1974.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 316
Title: Number of Companies of Which One Person May Be Appointed Managing Director
State: Central
Year: 1956
.....Notwithstanding anything contained in sub-sections (1) to (3), the Central Government may, by order, permit any person to be appointed as a managing director of more than two companies if the Central Government is satisfied that it is necessary that the companies should, for their proper working, function as a single unit and have a common managing director. _______________________ 1. Substituted by Act 65 of 1960, Section 118, for "No company" ( w.e.f. 28-12-1960). 2. Substituted by Act 65 of 1960, Section 118, for "any other company" ( w.e.f. 28-12-1960). 3. Substituted by Act 65 of 1960, Section 118, for "A company" ( w.e.f. 28-12-1960). 4. Substituted by Act 65 of 1960, Section 118, for "other company" ( w.e.f. 28-12-1960). 5. Substituted by Act 65 of 1960, Section 118, for "two companies" ( w.e.f. 28-12-1960). 6. Substituted by Act 65 of 1960, Section 118, for "this Act" ( w.e.f. 28-12-1960).
View Complete Act List Judgments citing this sectionBanking Regulation Act, 1949 Section 10BB
Title: Power of Reserve Bank to Appoint [Chairman of the Board of Directors Appointed on a Whole-time Basis or a Managing Director] of a Banking Company
State: Central
Year: 1949
.....fromthe banking company such pay and allowances as the Reserve Bank may determineand may be removed from office only by the Reserve Bank. (4) Save as otherwise provided inthis section, the provisions of section 10B shall, as far as may be, apply tothe 3 [chairmanof the board of directors appointed on a whole-time basis or a managingdirector] appointed by the Reserve Bank undersubsection (1) as they apply to a 3 [chairman of the board of directors appointed on awhole-time basis or a managing director]appointed by the banking company.] ___________________ 1. Inserted by Act 1 of 1984, Section 18 w.e.f. 15-2-1984. 2. Subsituted by Act 20 of 1994, Section 3 w.e.f. 31-1-1994. 3. Subsituted by Act 20 of 1994, Section 3 w.e.f. 31-1-1994.
View Complete Act List Judgments citing this sectionBanking Regulation Act, 1949 Section 35B
Title: Amendments of Provisions Relating to Appointments of Managing Directors, Etc., to Be Subject to Previous Approval of the Reserve Bank
State: Central
Year: 1949
.....shall be deemed to be a provisionrelating to his remuneration.] (2) Nothing contained insections 7 [268and 269, the proviso to sub-section (3) of section 309, sections 310 and 311,the proviso to section 387, and section 388](in so far as section 388 makes the 8 [provisions of sections 269, 310] and 311 apply in relation to the manager of acompany) of the Companies Act, 1956 (1 of 1956), shall 9 [apply toany matter in respect of which the approval of the Reserve Bank has to beobtained under sub-section (1)]. 10 [(2A) Nothing contained in section 198 of the CompaniesAct, 1956 (1 of 1956) shall apply to a banking company and the provisions ofsub-section (1) of section 309 and of section 387 of that Act shall, in so faras they are applicable to a banking company, have effect as if no reference hadbeen made in the said provisions to section 198 of that Act.] (3) No act done by a person 11 [aschairman or a managing or whole-time director]or a director not liable to retire by rotation or a manager or a chiefexecutive officer by whatever name called, shall be deemed to be invalid on theground that it is subsequently discovered that his 12 [appointment orreappointment] had not.....
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 196
Title: Appointment of Managing Director, Whole
State: Central
Year: 2013
.....company and by the Central Government in case such appointment is at variance to the conditions specified in that Schedule: Provided that a notice convening Board or general meeting for considering such appointment shall include the terms and conditions of such appointment, remuneration payable and such other matters including interest, of a director or directors in such appointments, if any: Provided further that a return in the prescribed form shall be filed within sixty days of such appointment with the Registrar. (5) Subject to the provisions of this Act, where an appointment of a managing director, whole-time director or manager is not approved by the company at a general meeting, any act done by him before such approval shall not be deemed to be invalid.
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 34A
Title: Amendment of Provisions Relating to Appointments of Managing Directors, Etc., to Be Subject to Previous Approval of the Authority
State: Central
Year: 1938
.....be deemed to be a provision relating to hi s remuneration. ( 2 ) Nothing contained in sections 268 and 269 , the proviso to sub-section ( 3 ) of section 309 , sections 310 and 311 , the proviso to section 387 , and section 388 (in so far as section 388 makes the provisions of sections 310 and 311 apply in relation to the manager of a company) of the Companies Act, 1956 ( 1 of 1956 ), shall apply to any matter in respect of which the approval of the1[authority] has to be obtained under sub-section ( 1 ). ( 3 ) No act done by a person as a managing or whole-time director or a director not liable to retire by rotation or a manager or a chief executive officer, by whatever name called, shall be deemed to be invalid on the ground that it is subsequently discovered that hi s appointment or re-appointment had not taken effect by reason of any of the provisions of this Act; but nothing in this sub-section shall be construed as rendering valid any act done by such person after hi s appointment or re-appointment has been shown to the insurer not to have had effect.] ______________________ 1. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f......
View Complete Act List Judgments citing this sectionNational Housing Bank Act, 1987 Section 7
Title: Terms of Office of Chairman, Managing Director and Other Directors, Service Conditions, Etc.
State: Central
Year: 1987
.....salary and allowances in lieu thereof. (5) The directors shall be paid fees and allowances as may be prescribed for attending the meetings of the Board or of any of its committees and for attending to any other work of the National Housing Bank; Provided that no such fee shall be payable to any director, who is an official of the Government or a director of the Reserve Bank. ________________________ 1. Substituted for "clauses (b) and (c)" by National Housing Bank (Amendment) Act, 2000 (15 of 2000). 2.The following proviso are omitted by the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006, w.e.f. 16.10.2006. "Provided that any such director shall, notwithstanding the expiration of his term, continue to hold office until his successor enters upon his office."
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 sectionNational Bank for Agriculture and Rural Development Act, 1981 Section 8
Title: Term of Office of Managing Director and Whole Time Directors Conditions of Service Etc.
State: Central
Year: 1981
.....consultation with the Reserve Bank, determine. (2) The Central Government may in consultation with the Reserve Bank, remove the Managing Director or any whole-time director appointed under sub-section (3) of section 6 at any time before the expiry of his term of office, after giving him a reasonable opportunity of showing cause against the proposed removal. (3) Notwithstanding anything contained in sub-section (1) or sub-section (2) Central Government shall have the right to terminate the term of office of the Managing Director or of any whole-time director appointed under sub-section (3) of section 6 at any time before the expiry of the term fixed under sub-section (1) by giving him notice of not less than three months in writing or three months salary and allowances in lieu of such notice: Provided that the Central Government shall before terminating the term of office of the Managing Director or any whole-time director appointed under sub-section (3) of section 6 consult the Reserve Bank ________________________ 1. Inserted by National Bank For Agriculture And Rural Development (Amendment) Act, 2000 (55 of 2000)
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