Limit on concurrent directorships requires directors exceeding permitted companies to choose firms and resign excess within specified period. Directors holding office in more than fifteen companies at commencement must, within two months, elect not more than fifteen companies to continue with, resign from the rest, and intimate that choice to each company, the Registrar and the Central Government; such resignations take effect immediately on dispatch and no person may act as director in more than fifteen companies after the two month period or after dispatching a statutory resignation.