RESTRICTIONS ON POWERS OF MANAGING AGENTS/ SECRETARIES AND TREASURERS

RESTRICTIONS ON POWERS OF MANAGING AGENTS/ SECRETARIES AND TREASURERS :

The	managing agents	shall not exercise any of the following powers
	secretaries and treasurers

except after obtaining the previous approval of the Board of directors of the company in regard to each such exercise :—

(1 ) [Omitted by the Companies (Amendment) Act, 1960.]

(2 ) Power to appoint as an officer or member of the staff of the company, payable from its funds (as distinguished from the funds of the

	managing agent	or from out of any remuneration payable
	secretaries and treasurers	or from out of any remuneration payable

	to	him	by the company), any person—
		them

(a) on a remuneration or scale of remuneration exceeding the limits laid down by the Board in this behalf; or

(b) who is a relative of the managing agent, or where the

	managing agent is	a firm, of any partner in the firm; or
	secretaries and treasurers are

	where the	managing agent is	a private company, of any
		secretaries and treasurers are

director or member or such company;

(3 ) Power to purchase capital assets for the company except where the purchase price is within the limits prescribed by the Board in this behalf;

(4 ) Power to sell the capital assets of the company, except where the sale price is within the limits prescribed by the Board in this behalf;

(5 ) Power to compound, or sanction the extension of time for the satisfaction or payment of, any claim or demand of the company against (including any debt claimed to be due to it from) the

	managing agent	or any associate of the	managing agent
	secretaries and treasurers	or any associate of the	secretaries and treasurers

(6 ) Power to compound any claim or demand made against the company (including any debt claimed to be due from it) by the

	managing agent	or any associate of the	managing agent
	secretaries and treasurers	or any associate of the	secretaries and treasurers