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..... View Complete Act List Judgments citing this sectionTitle : Laying of Rules and Regulations Before State Legislature
State : Central
Year : 1951
1[48A. Laying of rules and regulations before State Legislature 2[***] and every regulation made under Section 48 shall be laid, as soon as may be after it is made, before the State Legislature.] ______________________ 1. Inserted by Act 4of 1986, section 2 and Sch. (w.e.f. 15-5-1986). 2. The words "Every rule made under section 47 and "omitted by Act 39 of 2000, section 36 (w.e.f. 5-9-2000). View Complete Act List Judgments citing this sectionTitle : Omitted
State : Central
Year : 1951
1[***] ______________________ 1. Section 10A inserted by Act 43 of 1985, section 10 (w.e.f. 21-8-1985), and omitted by Act 39 of 2000, section 8 (w.e.f. 5-9-2000). View Complete Act List Judgments citing this sectionTitle : Removal of Director from Office
State : Central
Year : 1951
1[(1)] The State Government may remove from office any director who- (a) is, or has become, subject to any of the disqualifications mentioned in Section 12; or (b) without excuse sufficient in the opinion of the State Government to exonerate it, is absent without leave of the Board from more than three consecutive meetings of the Board. 2[(2) The shareholders, other than those mentioned in Clauses (a), (b) and (c) of Sub-section (3) of Section 4, whose names are entered on the register of shareholders, may, after giving to the director a resonable opportunity of being heard in the manner as may be prescribed, by resolution passed by majority of the votes of such shareholders holding in the aggregate not less than one-half of the total issued equity share capital held by all such..... View Complete Act List Judgments citing this sectionTitle : Effect of Notified Order Under Section 32a
State : Central
Year : 1951
1 [32B. Effect of notified order under Section32A.-- On the issue of a notified order under Section 32A.-- (a) in any case in which the industrialconcern is a company as defined in the Companies Act, 1956 (1 of 1956) allpersons holding office as directors of the industrial concern and in any othercase, all persons holding any office having the powers of superintendence,director and control of the industrial concern, immediately before the issue ofthe notified order, shall be deemed to have vacated their offices as such; (b) any contract of management between theindustrial concern and any managing agent or any director or manager thereofholding office as such immediately before the issue of the notified order shallbe deemed to have terminated; (c) in the case of an industrial..... View Complete Act List Judgments citing this sectionTitle : Reports to the Board
State : Central
Year : 1951
1[43B. Reports to the Board (1) The minutes of every meeting of the committee appointed under Section 21 shall, after confirmation thereof at the next meeting of the committee, laid before the Board at the next following meeting of the Board. 2[***]] ______________________ 1. Inserted by Act 43 of 1985, section 28 (w.e.f. 21-8-1985). 2. Sub-section (2) omitted by Act 39 of 2000, section 32 (w.e.f. 5-9-2000). View Complete Act List Judgments citing this sectionTitle : Power to Make Rules
State : Central
Year : 1951
1[48B. Power to make rules (1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power such rules may provide for the procedure for filing and hearing of appeals under Sub-section (5) of Section 5. (3) Every rule made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses..... View Complete Act List Judgments citing this sectionTitle : Resignation of Office by Director and Filling Up of Casual Vacancies
State : Central
Year : 1951
1[( 1 ) Any director elected under Clause (d) of Section 10 may, by giving notice in writing to the Chairman of the B oard, resign from hi s office and on such resignation being accepted, shall be deemed to have vacated hi s office.] ( 2 ) A casual vacancy in the office of an elected director shall be filled by election and a director so elected shall hold office for the unexpired portion of the term of hi s predecessor. ( 3 ) No act or proceeding of the B oard shall be questioned on the ground mere ly of the existence of any vacancy in, or any defect in the constitution of the B oard. ______________________ 1. Substituted by Act 39 of 2000, section 11, for sub-sections (1) and (1A) (w.e.f. 5-9-2000). Subs-section (1A) was Inserted by Act 56 of 1956, section 8 (w.e.f...... View Complete Act List Judgments citing this sectionTitle : Meetings of the Board and Committee
State : Central
Year : 1951
(1) The Board and theExecutive Committee shall meet at such times andplaces and shall observe such rules of procedure in regard to transaction ofbusiness at its meetings as may beprovided by regulations made under this Act. (2) All questions at a meeting shall be decided by a majority of votes of the members present, and. in the case of equality of votes, the Chairmanor in his absence, any other person presiding,shall have a second or casting vote. (3) No director shall vote on any matter in which he is interested. 1 [***] 2 [***] 3 [(5) If for any reason the Chairman of the Board or the Chairman of the Executive Committeeis unable to attend any meeting of the Board or, as the casemay be, of the Executive Committee,-- (a) in the case of the meeting of the Board, a director 4..... View Complete Act List Judgments citing this sectionTitle : The Schedule
State : Central
Year : 1951
THE SCHEDULE 1[See Section 40(3)] DECLARATION OF FIDELITY AND SECRECY I, .............................................................................. do hereby declare that I will faithfully, truly and to the best of my skill and ability execute and perform the duties required of me as a director, officer, employee or auditor (as the case may be) of the Financial Corporation and which properly relate to any office or position in the said Financial Corporation held by me. I further declare that I will not communicate or allow to be communicated to any person not legally entitled thereto any information relating to the affairs of the Financial Corporation, nor will I allow any such person to inspect or have access to any books or documents belonging to or in the possession of..... View Complete Act List Judgments citing this section