Companies Act 1956

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Act - 2013/1956
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Part I - Preliminary ( Section 1 - 10D )

Section 1 Short title, commencement & Extent

Section 2 Definitions

Section 2A Interpretation of certain words and expressions

Section 3 Definitions of "company", existing Company", "private company" and "public company"

Section 4 Meaning of "holding company" and "subsidiary"

Section 4A Public Financial institutions

Section 5 Meaning of "officer who is in default"

Section 6 Meaning of "relative"

Section 7 Interpretation of "person in accordance with whose directions or instructions directors are accustomed to act".

Section 8 Power of Central Government to declare an establishment not to be a branch office

Section 9 Act to override memorandum, articles, etc.

Section 10 Jurisdiction of Courts

Section 10A - Constitution of Tribunal.

Section 10B - Procedure of Tribunal.

Section 10C - Powers of Tribunal.

Section 10D - Appeals against decissions, etc., of the Tribunal.

Part IA - Board of Company Law Administration ( Section 10E - 10FA )

Section 10E Constitution of Board of Company Law Administration

Section 10F Appeals against the orders of the Company Law Board

Section 10FA Dissolution of Company Law Board.

Part IB - National Company Law Tribunal ( Section 10FB - 10FP )

Section 10FB Constitution of National Company Law Tribunal.

Section 10FC Composition of Tribunal.

Section 10FD Qualifications for appointment of President and Members

Section 10FE Term of office of President and Members

Section 10FF Financial and administrative powers of Member Administration

Section 10FG Salary, allowances and other terms and conditions of service of president and other members

Section 10FH Vacancy in Tribunal.

Section 10FI Resignation of President and Member.

Section 10FJ Removal and suspension of President and Member.

Section 10FK Officers and employees of Tribunal.

Section 10FL Benches of Tribunal.

Section 10FM Order of Tribunal.

Section 10FN Power to review.

Section 10FO Delegation of powers.

Section 10FP Power to seek assistance of Chief Metropolitan Magistrate and District Magistrate.

Part IC - Appellate Tribunal (Section 10FQ - 10GF)

Section 10FQ Apeal from order of Tribunal.

Section 10FR Constitution of Appellate Tribunal.

Section 10FS Vacancy in Appellate Tribunal, etc.

Section 10FT Term of office of Chairperson and Members.

Section 10FU Resignation of Chairperson and Members.

Section 10FV Removal and suspension of Chairperson and Members of Appellate Tribunal.

Section 10FW Salary, allowances and other terms and conditions of service of Chairperson and members.

Section 10FX Selection Committee.

Section 10FY Chairperson, etc., to be public servant.

Section 10FZ Protection of action taken in good faith.

Section 10FZA Procedure and powers of Tribunal and Appellate Tribunal.

Section 10G Power to punish for contempt.

Section 10GA Staff of Appellate Tribunal.

Section 10GB Civil Court not to have jurisdiction.

Section 10GC Vacancy in Tribunal or Appellate Tribunal not to invalidate acts or proceedings.

Section 10GD Right to legal representation.

Section 10GE Limitation.

Section 10GF Apeal to Supreme Court.

Part II - Incorporation of company and matters incidental thereto (Section 11 - 54)

Section 11 Prohibition of associations and partnerships exceeding certain number

Section 12 Mode of forming incorporated Company

Section 13 Requirments with respect to memorandum

Section 14 Form of Memorandum.

Section 15 Printing and Signature of Memorandum.

Section 15A Special Provision as to alteration of Memorandum consequent on alteration of name of state of Madras.

Section 15B Special Provision as to alteration of Memorandum consequent on alteration of name of state of Mysore.

Section 16 Alteration of memorandum

Section 17 Special resolution and confirmation by Company Law Board required for alteration of memorandum.

Section 17A Change of registered office within a State.

Section 18 Alteration to be registered within three months

Section 19 Effect of failure to Register

Section 20 Companies not to be registered with undesirable names.

Section 21 Change of name by company.

Section 22 Rectification of name of company

Section 23 Registration of change of name and effect thereof.

Section 24 change of name of existing private limited companies.

Section 25 Power to dispense with " Limited" in name of charitable or other company

Section 26 Articles prescribing regulations.

Section 27 Regulations required in case of unlimited company, company limited by guarantee or private company limited by shares.

Section 28 Adoption and application of Table A in the case of companies limited by shares.

Section 29 Form of articles in the case of other companies.

Section 30 Form and Signature of Articles.

Section 31 Alteration of articles by special resolution.

Section 32 Registration of Unlimited company as limited, etc.

Section 33 Registration of Memorandum and Articles.

Section 34 Effect of registration.

Section 35 Conclusiveness of certificate of incorporation.

Section 36 Effect of memorandum and articles

Section 37 Provision as to companies limited by Guarantee.

Section 38 Effect of alteration in memorandum or articles.

Section 39 Copies of memorandum and articles, etc., to be given to members.

Section 40 Alteration Of memorandum or articles , etc., to be noted in every copy.

Section 41 Defintion of "member"

Section 42 Membership of holding company.

Section 43 Consequences of default in complying with conditions constituting a company a private company.

Section 43A Private company to become public company in certain cases.

Section 44 Prospectus or statement in lieu of Prospectus to be filed by private company on ceasing to be provide company.

Section 45 Members severally liable for debts where business carried on with fewer than seven, or in the case of a private company, to members.

Section 46 Form of contracts.

Section 47 Bills of exchange and promissory notes.

Section 48 Execution of deeds.

Section 49 Investments of company to be held in its own name.

Section 50 Power for company to have official seal for use outside India.

Section 51 Service of documents on company.

Section 52 Service of documents on Registrar.

Section 53 Service of documents on members by company.

Section 54 Authentication of documents and proceedings.

Part III - Prospectus and allotment, and other matters relating to issue of shares or debentures ( Section 55-81)

Section 55 Dating of prospectus.

Section 55A Powers of Securities and Exchange Board of India

Section 56 Matters to be stated and reports to be set out in prospectus.

Section 57 Expert to be unconnected with formation or management of company.

Section 58 Expert's consent to issue of prospectus contaning statement by him.

Section 58A Deposits not to be invited without issuing an advertisement.

Section 58AA Small depositors

Section 58B Provisions relating to prospectus to apply to advertisement.

Section 58AAA Default in acceptance or refund of deposits to be congnizable.

Section 59 Penalty and interpretation.

Section 60A Shelf Prospectus.

Section 60B Information memorandum.

Section 60 Registration of prospectus.

Section 61 Terms of contract mentioned in prospectus or statement in lieu of prospectus, not to be varied.

Section 62 Civil liability for mis-statements in prospectus.

Section 63 Criminal liability for mis-statements in prospectus.

Section 64 Document contaning offer of shares or debentures for sale to be deemed prospectus.

Section 65 Interpretation of provisions relating to prospectuses.

Section 66 Newspaper advertisements of prospectus.

Section 67 Construction of references to offering shares or debentures to the public, etc.

Section 68 Penalty for fradulently inducing persons to invest money.

Section 68A Personation for acquisition, etc., of shares.

Section 68B Initial offer of securities to be in dematerialised form in certain cases.

Section 69 Prohibition of allotment unless minimum subscription received.

Section 70 Prohibition of allotment in certain cases unless statement in lieu of prospectus delivered to Registrar.

Section 71 Effect of irregular allotment.

Section 72 Applications for, and allotment of , shares and debentures.

Section 73 Allotment of shares and debentures to be dealt in on stock exchange.

Section 74 Manner of reckoning fifth, eighth and tenth days in sections 72 and 73.

Section 75 Return as to allotments.

Section 76 Power to pay certain commissions and prohibition of payment of all other commissions , discounts, etc.

Section 77 Restrictions on purchase by company , or loans by company for purchase, of its own or its holding company's shares.

Section 77A Power of company to purchase its own securities.

Section 77AA Transfer of certain sums to capital redmeption reserve account.

Section 77B Prohibition for buy-back in certain circumstances.

Section 78 Application of premiums received on issue of securities.

Section 79 Powers to issue shares at a discount.

Section 79A Issue of sweat equity shares.

Section 80 Power to issue redeemable preference shares.

Section 80A Redemption of irredemable preference shares, etc.

Section 81 Further issue of Capital.

Part IV - Share capital and debentures ( Section 82 - 123 )

Section 82 Nature of shares or debentures

Section 83 Numbering of shares

Section 84 Certificate of shares.

Section 85 Two kinds of share capital.

Section 86 New issues of share capital to be only of two kinds.

Section 87 Voting rights.

Section 88 - Prohibition of issue of shares with disproportionate rights.

Section 89 Termination of disproportionately excessive voting rights in existing companies.

Section 90 Savings.

Section 91 Calls on shares of same class to be made on uniform basis.

Section 92 Power of company to accept unpaid share capital, although not called-up.

Section 93 Payment of dividend in proportion to amount paid-up.

Section 94 Power of limited company to alter its share capital.

Section 94A Share capital to stand increased where an order is made under section 81(4).

Section 95 Notice to Registrar of consolidation of share capital, conversion of shares into stock, etc.

Section 96 Effect of conversion of shares into stock.

Section 97 Notice of increase of share capital or of members.

Section 98 Power of unlimited company to provide for reserve share capital on re-registration.

Section 99 Reserve liability of limited company.

Section 100 Special resolution for reduction of share capital.

Section 101 Application to court for confirming order, objections by creditors, and settlement of list of objecting creditors.

Section 102 Order confirming reduction and powers of Tribunal on making such order.

Section 103 Registration of order and minute of reduction.

Section 104 Liability of members in respect of reduced shares.

Section 105 Penalty for concealing name of creditor, etc.

Section 106 Alteration of rights of holders of special classes of shares.

Section 107 Rights of dissentient shareholders.

Section 108 Transfer not to be Registered except on Production of Instrument of Transfer

Section 108A Restriction on acquisition of certain shares.

Section 108B Restriction on transfer of shares.

Section 108C Restriction on the transfer of shares of foreign companies.

Section 108D Power of Central Government to direct companies not to give effect to the transfer.

Section 108E Time within which refusal to he communicated.

Section 108F Nothing in sections 108A to 108D to apply to Government Companies, etc.

Section 108G Applicability of the provisions of sections 108A to 108F.

Section 108H Construction of certain expressions used in sections 108A to 108G.

Section 108I Penalty for acquisition or transfer of share in contravention of sections 108A to 108D

Section 109 Transfer by legal representative.

Section 109A Nomination of shares.

Section 109B Transmission of shares.

Section 110 Application for transfer.

Section 111 Power to refuse registration and appeal against refusal.

Section 111A Rectification of register on transfer.

Section 112 Certification of transfers.

Section 113 Limitation of time for issue of certificates.

Section 114 Issue and effect of share warrants to bearer.

Section 115 Share warrants and entries in register of members.

Section 116 Penalty for personation of shareholder.

Section 117 Debentures with voting rights not to be issued hereafter.

Section 117A Debenture trust deed.

Section 117B Appointment of debenture trustees and duties of debenture trustees.

Section 117C Liability of company to create security and debenture redemption reserve.

Section 118 Right to obtain copies of and inspect trust deed.

Section 119 Liability of trustees for debenture holders.

Section 120 Perpetual debentures.

Section 121 Power to re-issue redeemed debentures in certain cases.

Section 122 Specific performance of contract to subscribe for debentures.

Section 123 Payments of certain debts out of assets subject to floating charge in priority to claims under the charge.

Part V - Registration of charges ( Section 124 - 145 )

Section 124 "Charge" to include mortgage in this Part.

Section 125 Certain charges to be void against liquidator or creditors unless registered.

Section 126 Date of notice of charge.

Section 127 Registration of charges on properties acquired subject to charge.

Section 128 Particulars in case of series of debentures entitling holders pari passu.

Section 129 Particulars in case of commission, etc., on debentures.

Section 130 Register of charges to be kept by Registrar.

Section 131 Index to register of charges.

Section 132 Certificate of registration.

Section 133 Endorsement of certificate of registration on debenture or certificate of debenture stock.

Section 134 Duty of company as regards registration and right of interested party.

Section 135 Provisions of Part to apply to modification of charges.

Section 136 Copy of instrument creating charge to be kept by company at registered office.

Section 137 Entry in register of charges of appointment of receiver or manager.

Section 138 Company to report satisfaction and procedure thereafter.

Section 139 Power of Registrar to make entries of satisfaction and release in absence of intimation from Company.

Section 140 Copy of memorandum of satisfaction to be furnished to company.

Section 141 Rectification by Central Government of register of charges.

Section 142 Penalties.

Section 143 Company's register of charges.

Section 144 Right to inspect copies of instruments creating charges and company's register of charges

Section 145 Application of Part to charges requiring registration under it but not under previous law.

Part VI - Management and administration ( Section 146 - 424 )

Section 146 Registered office of company.

Section 147 Publication of name by company.

Section 148 Publication of authorised as well as subscribed and paid-up capital.

Section 149 Restrictions on commencement of business.

Section 150 Register of members.

Section 151 Index of members.

Section 152 Register and index of debenture holders.

Section 152A Register and index of beneficial owners.

Section 153 Trusts not to he entered on register.

Section 153A Appointment of public trustee.

Section 153B Declaration as to shares and debentures held in trust.

Section 154 Power to close register of members or debenture holders.

Section 155 - Power of Court to rectify register of members.

Section 156 - Notice to Register of rectification of register.

Section 157 Power for company to keep foreign register of members or debenture holders.

Section 158 Provisions as to foreign registers.

Section 159 Annual return to be made by company having a share capital.

Section 160 Annual return to be made by company not having a share capital.

Section 161 Further provisions regarding annual return and certificate to be annexed thereto.

Section 162 Penalty and interpretation.

Section 163 Place of keeping, and inspection of registers and returns.

Section 164 Registers, etc, to be evidence.

Section 165 Statutory meeting and statutory report of company.

Section 166 Annual general meeting.

Section 167 Power of Central Government to call annual general meeting.

Section 168 Penalty for default in complying with section 166 or 167.

Section 169 Calling of extraordinary general meeting on requisition.

Section 170 Sections 171 to 186 to apply to meetings.

Section 171 Length of notice for calling meeting.

Section 172 Contents and manner of service of notice and persons on whom it is to be served.

Section 173 Explanatory statement to be annexed to notice.

Section 174 Quorum for meeting.

Section 175 Chairman of meeting.

Section 176 Proxies.

Section 177 Voting to be by show of hands in first instance.

Section 178 Chairman's declaration of result of voting by show of hands to be conclusive.

Section 179 Demand for poll.

Section 180 Time of taking poll.

Section 181 Restriction on exercise of voting right of members who have not paid calls, etc.

Section 182 Restrictions on exercise of voting right in other cases to be void.

Section 183 Right of member to use his votes differently.

Section 184 Scrutineers at poll.

Section 185 Manner of taking poll and result thereof.

Section 186 Power of Tribunal to order meeting to be called.

Section 187 Representation of corporations at meetings of companies and of creditors.

Section 187A Representation of the President and Governors in meetings of companies of which they are members.

Section 187B Exercise of voting rights in respect of shares held in trust.

Section 187C Declaration by persons not holding beneficial interest in any share.

Section 187D Investigation of beneficial ownership of shares in certain cases.

Section 188 Circulation of members' resolutions.

Section 189 Ordinary and special resolutions.

Section 190 Resolutions requiring special notice.

Section 191 Resolutions passed at adjourned meetings.

Section 192 Registration of certain resolutions and agreements.

Section 192A Passing of resolutions by postal ballot.

Section 193 Minutes of proceedings of general meetings and of Board and other meetings.

Section 194 Minutes to be evidence.

Section 195 Presumptions to be drawn where minutes duly drawn and signed.

Section 196 Inspection of minute books of general meetings.

Section 197 Publication of reports of proceedings of general meetings.

Section 197A Company not to appoint or employ certain different categories of managerial personnel at the same time.

Section 198 Overall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of profits.

Section 199 Calculation of commission, etc, in certain cases.

Section 200 Prohibition of tax-free payments.

Section 201 Avoidance of provisions relieving liability of officers and auditors of company.

Section 202 Undischarged insolvent not to manage companies.

Section 203 Power to restrain fraudulent persons from managing companies. -

Section 204 Restriction on appointment of firm or body corporate to office or place of profit under a company.

Section 204A Restrictions on the appointment of former managing agents or secretarial and treasurers to any office.

Section 205 Dividend to be paid only out of profits.

Section 205A Unpaid dividend to be transferred to special dividend account.

Section 205B Payment of unpaid or unclaimed dividend.

Section 205C Establishment of Investor Education and Protection Fund.

Section 206 Dividend not to be paid except to registered shareholders or to their order or to their bankers.

Section 206A Right to dividend, rights shares, and bonus shares to be held in abeyance pending registration of transfer of shares.

Section 207 Penalty for failure to distribute dividends within thirty days.

Section 208 Power of company to pay Interest out of capital in certain cases.

Section 209 Books of account to be kept by company.

Section 209A Inspection of books of account, etc, of companies.

Section 210 Annual accounts and balance sheet.

Section 210A Constitution of National Advisory Committee on Accounting Standards.

Section 211 Form and contents of balance sheet and profit and loss account.

Section 212 Balance sheet of holding company to include certain particulars as to its subsidiaries.

Section 213 Financial year of holding company and subsidiary.

Section 214 Rights of holding company's representatives and members.

Section 215 Authentication of balance sheet and profit and loss account.

Section 216 Profit and loss account to be annexed and auditors' report to be attached to balance sheet

Section 217 Board's report.

Section 218 Penalty for improper issue, circulation or publication of balance sheet or profit and loss account.

Section 219 Right of member to copies of balance sheet and auditors' report.

Section 220 Three copies of balance sheet, etc, to be filed with Registrar.

Section 221 Duty of officer to make disclosure of payments, etc.

Section 222 Construction of references to documents annexed to accounts.

Section 223 Certain companies to publish statement in the Form in Table F in Schedule I.

Section 224 Appointment and remuneration of auditors.

Section 224A Auditor not to be appointed except with the approval of the company by special resolution in certain cases.

Section 225 Provisions as to resolutions for appointing or removing auditors.

Section 226 Qualifications and disqualifications of auditors.

Section 227 Powers and duties of auditors.

Section 228 Audit of accounts of branch office of company.

Section 229 Signature of audit report, etc.

Section 230 Reading and inspection of auditor's report.

Section 231 Right of auditor to attend general meeting.

Section 232 Penalty for non-compliance with sections 225 to 231.

Section 233 Penalty for non-compliance by auditor with sections 227 and 229.

Section 233A Power of Central Government to direct special audit in certain cases.

Section 233B Audit of cost accounts in certain cases.

Section 234 Power of Registrar to call for information or explanation.

Section 234A Seizure of documents by Registrar.

Section 235 Investigation of the affairs of a company.

Section 236 Application by members to be supported by evidence and power to call for security.

Section 237 Investigation of company's affairs in other cases.

Section 238 Firm, body corporate or association not to be appointed as inspector.

Section 239 Power of inspectors to carry investigation into affairs of related companies, etc.

Section 240 Production of documents and evidence.

Section 240A Seizure of documents by inspector.

Section 241 Inspector's report.

Section 242 Prosecution

Section 243 Application for winding up of company or an order under section 397 or 398.

Section 244 Proceedings for recovery of damages or property.

Section 245 Expenses of investigation.

Section 246 Inspectors' report to be evidence.

Section 247 Investigation of ownership of company

Section 248 Information regarding persons having an interest in company or in body corporate or firm acting as managing agent thereof.

Section 249 Investigation of associateship with managing agent, etc.

Section 250 Imposition of restrictions upon shares and debentures and prohibition of transfer of shares or debentures in certain cases.

Section 250A Voluntary winding-up of company, etc., not to stop investigation proceedings.

Section 251 Saving for legal advisers and bankers.

Section 252 Minimum number of directors.

Section 253 Only individuals to be directors.

Section 254 Subscribers of memorandum deemed to be directors.

Section 255 Appointment of directors and proportion of those who are to retire by rotation.

Section 256 Ascertainment of directors retiring by rotation and filling of vacancies.

Section 257 Right of persons other than retiring directors to stand for directorship

Section 258 Right of company to increase or reduce the number of directors.

Section 259 Increase in number of directors to require Government sanction.

Section 260 Additional directors.

Section 261 Certain persons not to be appointed directors, except by special resolution.

Section 262 Filling of casual vacancies among directors.

Section 263 Appointment of directors to be voted on individually.

Section 263A Sections 177, 255, 256 and 263 not to apply in relation to companies not carrying business for profit, etc.

Section 264 Consent of candidate for directorship to be filed with the company and consent to act as director to be filed with the Registrar.

Section 265 Option to company to adopt proportional representation for the appointment of directors.

Section 266 Restrictions on appointment or advertisement of director.

Section 266A Application for Allotment of Director Identification Number

Section 266B Allotment of Director Identification Number.

Section 266C Prohibition to obtain more than one Director Identification Number.

Section 266D Obligation of director to intimate Director Identification Number to concerned company or companies.

Section 266E Obligation of company to inform Director Identification Number to Registrar.

Section 266F Obligation to indicate Director Identification Number.

Section 266G Penalty for contravention of provisions of section 266A or section 266C or section 266D or section 266E.

Section 267 Certain persons not to be appointed managing directors.

Section 268 Amendment of provision relating to managing, whole-time or non-rotational directors to require govt. approval.

Section 269 Appointment of managing or whole-time director or manager to require Government approval only in certain cases.

Section 270 Time within which share qualification is to be obtained and maximum amount thereto.

Section 271 Filing of declaration of share qualification by director.

Section 272 Penalty.

Section 273 Saving.

Section 274 Disqualifications of directors.

Section 275 No person to be a director of more than fifteen companies.

Section 276 Choice to be made by director of more than fifteen companies at commencement of Act.

Section 277 Choice by person becoming director of more than fifteen companies after commencement of Act.

Section 278 Exclusion of certain directorships for the purposes of sections 275, 276 and 277.

Section 279 Penalty.

Section 280 Age Limit.

Section 281 Age Limit not to apply if company so resolves.

Section 282 Duty of director to disclose age.

Section 283 Vacation of office by directors.

Section 284 Removal of directors.

Section 285 Board to meet at least once in every three calendar months.

Section 286 Notice of meetings.

Section 287 Quorum for meetings.

Section 288 Procedure where meeting adjourned for want of quorum.

Section 289 Passing of resolutions by circulation.

Section 290 Validity of acts of directors.

Section 291 General powers of Board.

Section 292 Certain powers to be exercised by Board only at meeting.

Section 292A Audit Committee.

Section 293 Restrictions on powers of Board.

Section 293A Prohibitions and restrictions regarding political contributions.

Section 293B Power of Board and other persons to make contributions to the National Defence Fund, etc.

Section 294 Appointment of sole selling agents to require approval of company in general meeting.

Section 294A Prohibition of payment of compensation to sole selling agents for loss of office in certain cases.

Section 294AA Power of Central Government to prohibit the appointment of sole selling agents in certain cases.

Section 295 Loans to directors, etc.

Section 296 Application of section 295 to book debts in certain cases.

Section 297 Board's sanction to be required for certain contracts in which particular directors are interested.

Section 298 Power of directors to carry on business when managing agent or secretaries and Treasurers are deemed to have vacated office, etc.

Section 299 Disclosure of interests by director.

Section 300 Interested director not to participate or vote in Board's proceedings.

Section 301 Register of contracts, companies and firms in which directors are interested.

Section 302 Disclosure to members of director's interest in contract appointing manager, managing director.

Section 303 Register of directors, etc.

Section 304 Inspection of the register.

Section 305 Duty of directors etc to make disclosure

Section 306 Register to he kept by Registrar and Inspection thereof.

Section 307 Register of directors' shareholdings, etc.

Section 308 Duty of directors and persons deemed to be directors to make disclosure of shareholdings.

Section 309 Remuneration of directors.

Section 310 Provision for increase in remuneration to require Government sanction.

Section 311 Increase in remuneration of managing director on reappointment or appointment after Act to require government suggestion.

Section 312 Prohibition of assignment of office by director.

Section 313 Appointment and term of office of alternate directors.

Section 314 Director, etc, not to hold office or place of profit.

Section 315 Application of sections 316 and 317.

Section 316 Number of companies of which one person may be appointed managing director.

Section 317 Managing director not to be appointed for more than five years at a time.

Section 318 Compensation for loss of office not permissible except to managing or whole-time directors or to directors who are managers.

Section 319 Payment to director, etc., for loss of office, etc, in connection with transfer of undertaking or property.

Section 320 Payment to director for loss of office, etc., in connection with transfer of shares.

Section 321 Provisions supplementary to section 318, 319 and 320.

Section 322 Directors, etc., with unlimited liability in limited company.

Section 323 Special resolution of limited company making liability of directors, etc., unlimited.

Section 324 Power of Central Government to notify that companies engaged in specified classes of industry or business shall not have managing agents.

Section 324A Abolition of managing agencies and secretaries and treasurers.

Section 325 Managing agency company not to have managing agent.

Section 325A - Subsidiary of a body corporate not to be appointed as managing agent.

Section 326 Central Government to approve of appointment, etc., of managing agent; and circumstances in which approval may be accorded.

Section 327 Application of sections 328 to 331.