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

Appointment of sole selling agents requires shareholder approval at the first general meeting and limits maximum term length.

The statute requires that appointments of sole selling agents be time limited and subject to company approval at the first general meeting following appointment; pre existing long term appointments must be placed before the company for possible termination under transitional rules. The Central Government may compel disclosure, appoint investigators on non compliance, vary terms found prejudicial, and declare a selling agent to be sole for an area where warranted. Companies must produce documents and assist investigations, and failure to comply attracts prescribed fines and continuing penalties.