(l)having been appointed a Director by virtue of his holding any office or other employment in the company [* * *] [ The words " or as a nominee of the managing agent of the company" omitted by Act 53 of 2000, Section 137 (w.e.f. 13.12.2000).] he ceases to hold such office or other employment in the company [* * *] [ The words " or as the case may be, the managing ageny comes to an end" omitted by Act 53 of 2000, Section 137 (w.e.f. 13.12.2000).].