(1)[No public company and no private company which is a subsidiary of a public company] shall, after the commencement of this Act, appoint or employ any person as Managing Director, if he is either the Managing Director or the manager of [any other company (including a private company which is not a subsidiary of a public company),] [ Substituted by Act 65 of 1960, Section 118, for " any other company" (w.e.f. 28.12.1960).] except as provided in sub-section (2).
