Managing director not to be appointed for more than five years at a time.

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..... years at a time. (2) Any individual holding at the commencement of this Act the office of managing director in a company shall unless his term expires earlier, be deemed to have vacated his office immediately on the expiry of five years from the commence ment of this Act. (3) Nothing contained in sub-section (1) shall be deemed to prohibit the re-appointment, re-employment, or the extension of .....

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