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Citedby 97 docs - [View All]
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[Complete Act]
Central Government Act
Section 255 in The Companies Act, 1956
255. Appointment of directors and proportion of those who are to retire by rotation.
(1) 6[ Unless the articles provide for the retirement of all directors at every annual general meeting, not less than two- thirds] of the total number of directors of a public company, or of a private company which is a subsidiary of a public company, shall-
(a) be persons whose period of office is liable to determination by retirement of directors by rotation; and
(b) save as otherwise expressly provided in this Act, be appointed by the company in general meeting.
1. Subs. by Act 31 of 1965, s. 29, for" public company" (w. e. f. 15- 10- 1965 ).
2. The words" and every private company which is a subsidiary of a public company" omitted by Act 65 of 1960, s. 81.
3. Subs. by Act 31 of 1965, s. 29, for" private" (w. e. f. 15- 10- 1965 ).
4. The words" which is not a subsidiary of a public company" omitted by Act 65 of 1960, s. 81.
5. The words" public or private" omitted by s. 82, ibid.
6. Subs. by s. 83, ibid., for" Not less than two- thirds".
(2) The remaining directors in the case of any such company, and the directors generally in the case of a private company which is not a subsidiary of a public company, shall, in default of and subject to any regulations in the articles of the company, also be appointed by the company in general meeting,