(2)Where a company enters into a contract for the appointment of a Managing Director of the company, or varies any such contract which is already in existence, the company shall send an abstract of the terms of the contract or variation to every member of the company within the time specified in sub-section (1); and if any other Director of the company is concerned or interested in the contract or variation, a memorandum clearly specifying the nature of the concern or interest of such other Director in the contract or variation shall also be sent to every member of the company with the abstract aforesaid.[* * *] [ Sub-Section (3) omitted by Act 53 of 2000, Section 147 (w.e.f. 13.12.2000).]
