Sec. 26 - Defn. of the term Managing Director
16. Clause (25) omitted by Act 53 of 2000, sec. 2 (w.e.f. 13-12-2000)
(26) "managing director" means a director who, by virtue of an agreement with the company or of a resolution passed by the company in general meeting or by its Board of directors or, by virtue of its memorandum or articles of association, is entrusted with 17[substantial powers of management] which would not otherwise be exercisable by him, and includes a director occupying the position of a managing director, by whatever name called:
16. Clause (25) omitted by Act 53 of 2000, sec. 2 (w.e.f. 13-12-2000)
(26) "managing director" means a director who, by virtue of an agreement with the company or of a resolution passed by the company in general meeting or by its Board of directors or, by virtue of its memorandum or articles of association, is entrusted with 17[substantial powers of management] which would not otherwise be exercisable by him, and includes a director occupying the position of a managing director, by whatever name called:
18[Provided that the power to do administrative acts of a routine nature when so authorised by the Board such as the power to affix the common seal of the company to any document or to draw and endorse any cheque on account of the company in any bank or to draw and endorse any negotiable instrument or to sign any certificate of share or to direct registration of transfer of any share, shall not be deemed to be included within substantial powers of management:
Provided further that a managing director of a company shall exercise his powers subject to the superintendence, control and direction of its Board of directors;]
18. Ins. by Act 65 of I960, sec. 2 (w.e.f. 28-12-1960)
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