Section 3: Insertion of new section 87AA in Act VII of 1913
Indian Companies (Amendment) Ordinance, 1951Ordinance · 1951
After section 87A of the principal Act, the following section shall be inserted, namely :— " 87AA. Restrictions on, extension of term of office of managing agents.— In the case of a company managed by a managing agent, any amendment in the articles of, or any variation in any agreement with, the company which purports to extend, or has the effect of extending, the term of office of a managing agent holding office as such at the commencement of this Ordinance shall, notwith standing anything to the contrary contained in any other provision of this Act or in the articles or agreement, be void unless approved by the Centra] Government. "
(283) 284 THE GAZETTE OF INDIA EXTBAOBDlNABY [PA*T B