Restriction on appointment of firm or body corporate to office or place of profit under a company.

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Restriction on appointment of firm or body corporate to office or place of profit under a company.

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....ded 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 [2][* * *] 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....

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.... on which it is to come into force. (5) Any office or place in a company shall be deemed to be an office or place of profit under the company, within the meaning of this section, if the person holding it [4][obtains from the company anything] by way of remuneration, whether as salary, fees, commission, perquisites, the right to occupy free of rent any premises as a place of residence, or otherwis....

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....ment or employment of a firm or body corporate as a technician or a consultant, ___ (i) unless the firm or body corporate aforesaid is already the managing agent or secretaries and treasures of the company; or (ii) unless a partner in the firm aforesaid being a private company; or a director of the body corporate aforesaid not being a private company, is__ already the managing agent of the comp....

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Restriction on appointment of firm or body corporate to office or place of profit under a company.