Companies Act, 2013
Section - 196 - Appointment of managing director, whole-time director or manager
CHAPTER XIIIAPPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNELAppointment of managing director, whole-time director or manager.196. (1) No company shall appoint or employ at the same time a managing director and a manager.(2) No company shall appoint or re-appoint any person as its managing director, whole-time director or manager for a term exceeding five years at a time:Provided that no re-appointment shall be made earlier than one year before the expiry of his term.(3) No company shall appoint or continue the employment of any person as managing director, whole-time director or manager who -
| (a) | - | is below the age of twenty-one years or has attained the age of seventy years: |
| - | Provided that appointment of a person who has attained the age of seventy years may be made by passing a special resolution in which case the explanatory statement annexed to the notice for such motion shall indicate the justification for appointing such person: | |
| - | [Provided further t .... To read the full section download the app from Google Play store
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