(2)[A public company or a private company which is a subsidiary of a public company] [ Substituted by Act 65 of 1960, Section 118, for " A company" (w.e.f. 28.12.1960).] may appoint or employ a person as its Managing Director, if he is the Managing Director or manager of one, and of not more than one, [other company (including a private company which is not a subsidiary of a public company):] [ Substituted by Act 65 of 1960, Section 118, for " other company" (w.e.f. 28.12.1960).]Provided that such appointment or employment is made or approved by a resolution passed at a meeting of the Board with the consent of all the Directors present at the meeting and of which meeting, and of the resolution to be moved thereat, specific notice has been given to all the Directors then in India.
