Managing director not to be appointed for more than five years at a time.

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Full Text of the Document

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....m exceeding five years at a time. (2) Any individual holding at the commencement of this Act the office of managing director in a company shall unless his term expires earlier, be deemed to have vacated his office immediately on the expiry of five years from the commence­ment of this Act. (3) Nothing contained in sub-section (1) shall be deemed to prohibit the re-appointment, re-employme....