Section - 204 - Restriction on appointment of firm or body corporate to office or place of profit under a company
Restriction on appointment of firms and bodies corporate to officesRestriction on appointment of firm or body corporate to office or place of profit under a company.204.[(1) Save as provided in sub-section (2), no company shall, after the commencement of this Act, appoint or employ any firm or body corporate to or in any office or place of profit under the company, other than the office of [***] trustee for the holders of debentures of the company, for a term exceeding five years at a time :Provided that the initial appointment or employment of a firm or body corporate to or in any office or place of profit as aforesaid may, with the approval of the Central Government, be made for a term not exceeding ten years.](2) [Omitted by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000.](3) Any firm or body corporate holding at the commencement of this Act any office or place of profit under the company shall, unless its term of office expires earlier, be deemed to have vacated its office .... To read the full section download the app from Google Play store
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