Section 331. Application of Act to existing managing agencs

CHAPTER 111-Mrpaging Agents Prohibition of appointment of managing agent in wrtain cases `324.` Power of Central Government to notify that companies engaged in specified classes of industry or business shall not have managing agents. `325.` Managing agency company not to have managing agent. , Appointment and term of ofice of managing agent in other cases. , `3%.` Central Gov~rnment `to` approve of appointdent, etc., of managing agent; and circumstances in which appcoval may be accorded. `327.` Application of sections `328` to `331.` `328.` Term of office of managigg agent. Variation of managing agency agreement `329.` Variation of managing agency agreement. Special provisions i'egatding ezisting ffianaging agents , `p` 330. Term of, office of existing managing agents to terminate on - 15th August, `1960.` 331. Application of Act to existing managing agencs. 1 ; b p. `F` f r $ `i k` i `f,` % {- I I ||SECTIONS|| |---|---|---| ||Restrictions on number of managing agencies|| |;|,|| ||332.Noperson to be managing agent of more than ten companies<br>after 15th August,1960.|| |b||| |p.<br>F|Right to charge on assets|| |f<br>r|333.Right of managing agent to charge on company's assets.|| |$ i|Vacation of ofice, removal and resignation|| |k<br>i<br>f,<br>%|334.Vacation of Office on insolvency, dissolution or windingup.<br>e tc.<br>335.Suspension from office where receiver appointed.|| ||336.Vacation of office on conviction in certain cases.|| |{-|337.Removal for fraud or breach of trust.|| ||338.Removal for gross negligence or mismanagement.|| |II|339.Power to call meetings for the purposes of sections337|337and338| ||and procedure.|| |i<br>i|340.Time when certain disqualifications will take effect,<br>341.Conviction not to operate as disqualification if<br>convicted|| |i|partner, director, etc., is expelled.|| ||342.Resignation of office by managing agent.|*| |t||| |f-|Transfers of, and succession to, ofice|| |Pt<br>1.<br>f<br>6|343.'Transfer 6f Office by managing agent.<br>344.Managing agency not to be heritable after commeAcementof<br>Act.|| |6<br>*<br>g<br>t<br>1<br>>-|845.Succession to managing agencybyidheritaaee or<br>under agreement before commencement of Act, to be s u b<br>ject to Central Goverhment's approval.<br>_Changes_inconstitution of firms and corporbtions|idheritaaee ordevise<br>under agreement before commencement of Act, to be s u b| |Bi:<br>?|346.changes in constitution of managing agency, firm or corporaa|| ||tionto,be approvedbyCentral Government.|| ||347.Application of ScheduleVIIIto certain man&ging agents.|| |-||| |"--|Remuneration of managing agents|| |+.|348.Remuneration of managing agent ordinarily not to exceed10|| |--|per cent. of net profits.|| ||349.Determination of net profits.|| ||350.Ascertainment of depreciation.|| ||15rzMofLaw-3|| t `C` `i` f `p` K- lz k k `F` b k ! \ [ 1. 1. E: t- `H` `351.` Special provision where there is a profit-sharing arrangement between two or more companies.