Section 378Q Vacation of office by directors
- Chapter
- XXIA · Producer Companies
- Amendments
- 1
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021378Q. Vacation of office by directors.—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(1) The office of the director of a Producer Company shall become vacant if,—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(a) he is convicted by a court of any offence involving moral turpitude and sentenced in respect thereof to imprisonment for not less than six months;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(b) the Producer Company, in which he is a director, has made a default in repayment of any advances or loans taken from any company or institution or any other person and such default continues for ninety days;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(c) he has made a default in repayment of any advances or loans taken from the Producer Company in which he is a director;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(d) the Producer Company, in which he is a director—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(i) has not filed the annual accounts and annual return for any continuous three financial years; or
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(ii) has failed to, repay its deposit or withheld price or patronage bonus or interest thereon on due date, or pay dividend and such failure continues for one year or more;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(e) default is made in holding election for the office of director, in the Producer Company in which he is a director, in accordance with the provisions of this Act and articles;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(f) the annual general meeting or extraordinary general meeting of the Producer Company, in which he is a director, is not called in accordance with the provisions of this Act except due to natural calamity or such other reason.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(2) The provisions of sub-section (1) shall, as far as may be, apply to the director of a Producer Institution which is a memberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records. of a Producer Company.