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of <h1>Understanding Appointment and Duties of Key Company Officials Under Companies Act, 1956: Managing Director, Whole-Time Director, Manager</h1> The roles and regulations concerning the appointment and responsibilities of key company officials under the Companies Act, 1956. A Managing Director is appointed through an agreement or resolution and serves as a link between the board and company executives, with a term limit of five years. A Whole-Time Director, similar to a Managing Director, is in full-time employment and subject to specific remuneration rules. A Manager oversees company affairs under the board's direction and cannot simultaneously serve as a Managing Director. The Chairman, elected by members, ensures proper conduct of meetings and impartiality.
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