Bare Act - The Companies Act, 1956

The Companies Act, 1956

(Act no. 1 of 1956)

India Law & Judgment CDs

Judgement CDs - Supreme Court of India Judgements, High Court Judgments on Criminal Law, Civil,CrPC, Consumer Law, Banking Law, Rent Control Act, Service laws, Dishonour of Cheques, Intellectual Property

Bare Acts Law CDs - Company Law, Labour Laws, Cnstitution of India, Service Laws

Legal Software - Advocate Office Management, Legal Deeds & Drafts

Visit Indianlawcds.com

THE COMPANIES (AMENDMENT) ACT, 2006 | COMPANY LAW TIPS (With Case Laws) NEW

CONTENTS
1 \| 2 \| 3 \| 4 \| 5
Sections	Particulars
Chapter II	Directors

252	Minimum number of directors.
253	Only individuals to be directors.
254	Subscribers of memorandum deemed to be directors.
255	Appointment of directors and proportion of those who are to retire by rotation.
256	Ascertainment of directors retiring by rotation and filling of vacancies.
257	Right of persons other than retiring directors to stand for directorship.
258	Right of company to increase or reduce the number of directors.
259	Increase in number of directors to require Government sanction.
260	Additional directors.
261	Certain persons not to be appointed directors, except by special resolution.
262	Filling of casual vacancies among directors.
263	Appointment of directors to be voted on individually.
263A	Sections 177, 255, 256 and 263 not to apply in relation to companies not carrying on business for profit, etc.
264	Consent of candidate for directorship to be filed with the company and consent to act as director to be filed with the Registrar.
265	Option to company to adopt proportional representation for the appointment of directors.
266	Restrictions on appointment or advertisement of director.
267	Certain persons not to be appointed managing directors.
268	Amendment of provision relating to managing, whole time or non-rotational directors to require Government approval.
269	Appointment of managing or whole-time director or manager to require Government approval only in certain cases.
270	Time within which share qualification is to be obtained and maximum amount thereof.
271	Repealed.
272	Penalty.
273	Saving
274	Disqualifications of directors.
275	No person to be a director of more than twenty companies.
276	Choice to be made by director of more than twenty companies at commencement of Act.
277	Choice by person becoming director of more than twenty companies after commencement of Act.
278	Exclusion of certain directorships for the purposes of sections 275, 276 and 277.
279	Penalty.
280	Repealed.
281	Repealed.
282	Repealed.
283	Vacation of office by directors.
284	Removal of directors.
285	Board to meet at least once in every three calendar months.
286	Notice of meetings.
287	Quorum for meetings.
288	Procedure where meeting adjourned for want of quorum.
289	Passing of resolutions by circulation.
290	Validity of acts of directors.
291	General powers of Board.
292	Certain powers to be exercised by Board only at meeting.
292A	Audit Committee
293	Restrictions on powers of Board.
293A	Prohibitions and restrictions regarding political contributions.
293B	Power of Board and other persons to make contributions to the National Defence Fund, etc.
294	Appointment of sole selling agents to require approval of company in general meeting.
294A	Prohibition of payment of compensation to sole selling agents for loss of office in certain cases.
294AA	Power of Central Government to prohibit the appointment of sole selling agents in certain cases.
295	Loans to directors, etc.
296	Application of section 295 to book debts in certain cases.
297	Board's sanction to be required for certain contracts in which particular directors are interested.
298	Power of directors to carry on business when managing agent or secretaries and treasurers are deemed to have vacated office, etc.
299	Disclosure of interests by director.
300	Interested director not to participate or vote in Board's proceedings.
301	Register of contracts, companies and firms in which directors are interested.
302	Disclosure to members of director's interest in contract appointing manager, managing director.
303	Register of directors.
304	Inspection of the register.
305	Duty of directors, etc., to make disclosure.
306	Register to be kept by Registrar and inspection thereof.
307	Register of directors' shareholdings, etc.
308	Duty of directors and persons deemed to be directors to make disclosure of shareholdings.
309	Remuneration of directors.
310	Provision for increase in remuneration to require Government sanction.
311	Increase in remuneration of managing director on reappointment or appointment after Act to require Government sanction.
312	Prohibition of assignment of office by director.
313	Appointment and term of office of alternate directors.
314	Director, etc., not to hold office or place of profit.
315	Omitted.
316	Number of companies of which one person may be appointed managing director.
317	Managing Director not to be appointed for more than five years at a time.
318	Compensation for loss of office not permissible except to managing or whole-time directors or to directors who are managers.
319	Payment to director, etc., for loss of office, etc., in connection with transfer of undertaking or property.
320	Payment to director for loss of office, etc., in connection with transfer of shares.
321	Provisions supplementary to sections 318, 319 and 320.
322	Directors, etc., with unlimited liability in limited company.
323	Special resolution of limited company making liability of directors, etc., unlimited.

Chapter III	Managing Agents

324	Power of Central Government to notify that companies engaged in specified classes of industry or business shall not have managing agents.
324A	Abolition of managing agencies and secretaries and treasurers.
325	Managing agency company not to have managing agent.
325A	Subsidiary of a body corporate not to be appointed as managing agent.
326	Central Government to approve of appointment, etc., of managing agent and circumstances in which approval may be accorded.
327	Application of sections 328 to 331.
328	Term of office of managing agent.
329	Variation of managing agency agreement.
330	Term of office of existing managing agents to terminate on 15th August, 1960.
331	Application of Act to existing managing agents.
332	No person to be managing agent of more than ten companies after 15th August, 1960.
333	Right of managing agent to charge on company's assets.
334	Vacation of office on insolvency, dissolution or winding up, etc.
335	Suspension from office where receiver appointed.
336	Vacation of office on conviction in certain cases.
337	Removal for fraud or breach of trust.
338	Removal for gross negligence or mismanagement.
339	Power to call meetings for the purposes of sections 337 and 338 and procedure.
340	Time when certain disqualifications will take effect.
341	Conviction not to operate as disqualification if convicted partner, director, etc., is expelled.
342	Resignation of office by managing agent.
343	Transfer of office by managing agent.
344	Managing agency not to be heritable after commencement of Act.
345	Succession to managing agency by inheritance or device under agreement before commencement of Act, to be subject to Central Government's approval.
346	Changes in constitution of managing agency, firm or corporation to be approved by Central Government.
347	Application of Schedule VIII to certain managing agents.
348	Remuneration of managing agent ordinarily not to exceed 10 per cent of net profits.
349	Determination of depreciation.
350	Ascertainment of depreciation.
351	Special provision where there is a profit-sharing arrangement between two or more companies.
352	Payment of additional remuneration.
353	Time of payment of remuneration.
354	Managing agent not entitled to office allowance but entitled to be reimbursed in respect of expenses.
355	Saving.
356	Appointment of managing agent or associate as selling agent of goods produced by the company.
357	Application of section 356 to case where business of company consists of the supply or rendering of any services.
358	Appointment of managing agent or associate as buying agent for company.
359	Commission, etc., of managing agent as buying or selling agent of other concerns.
360	Contracts between managing agent or associate and company for the sale or purchase of goods or the supply of services, etc.
361	Existing contracts relating to matters dealt with in sections 356 to 360 to terminate on 1st March, 1958.
362	Registers to be open to inspection.
363	Remuneration received in contravention of foregoing sections to be held in trust for company.
364	Company not to be bound by assignment of, or charge on, managing agent's remuneration.
365	Prohibition of payment of compensation for loss of office in certain cases.
366	Limit of compensation for loss of office.
367	Managing agent's rights and liabilities after termination of office.
368	Managing agent to be subject to control of Board and to restrictions in Schedule VII.
369	Loans to managing agent.
370	Loans, etc., to companies under the same management.
370A	Provisions as to certain loans which could not have been made if sections 369 and 370 were in force.
371	Penalty for contravention of section 369, 370 or 370A.
372	Purchase by company of shares, etc., of other companies.
373	Investments made before commencement of Act.
374	Penalty for contravention of section 372 or 373.
375	Managing agent not to engage in business competing with business of managed company.
376	Condition prohibiting reconstruction or amalgamation of company except on continuance of managing agent, etc., to be void.
377	Restrictions on right of managing agent to appoint directors.

1 | 2 | 3 | 4 | 5

Companies Act Judgment 1 | Companies Act Judgements 2 | Companies Act Judgments 3 | Companies Act Judgments 4


Legal Drafts & Forms \| Laws in India-Bare Acts \| Legal News \| NRI Section \| How to \|Legal Links \| Law Colleges \| On the Lighter side \| Sample Questions (Lagal FAQ) \| Get Legal Opinion \| Feedback \| Terms of use \| Home

Copyright© Vakilno1.com 2000-2006 .All rights reserved