" 87Wi. Rcstr'Hions on change in the constitution of a managing agen'.
In U'o vase of a u mpany manager! by a managing agent which is affirm ô > company, no change in the constitution of the managing agent, whether the change is caused by a change in the ownership of the shares held therein or by a change among the partners or board of directors or managers tliticof, shall have effect unless approved by the Central Government, and until such approval is obtained, no such firm or company phall be entitled to be the4 managing agent of the company.
Explanation.—A change in the ownership of shares in a managing agent which is a company caused by the death of any shareholder therein, or a change among the partners of a managing agent which ie a firm, or a change in the board of directors or managers of a managing agent which is a company, caused b j the death, or retirement by efflux of time, of a partner, direotor or manager, as the case may be, shall not be deemed to be a change in the constitution of a managing agent within the meaning of this section. "
6. Insertion of new seotion 67C0 in Aot VII ol 1913.—After section 87C of the principal Act, the following seotion shall be inserted, namely ;— " 87CC. Restrictions on amendment of articles or agreement relating to ap~ pointment or remuneration of managing agents, etc.—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—
(a) which relates to the appointment of the managing agent, or
(6) which purports to increase, or has the effect of increasing, the remuneration of the managing agent, managing direotor or a director not liable to retire by rotation, as the case may be, shall, notwithstanding anything to the contrary contained in any other provision of this Aot or m the articles or agreement, be void, unless approved by the Central Government:
Provided that nothing herein contained shall apply to the remuneration payable (o a director for attending the meetings of the board of directors of which he is a member ."