(1)Where a person already holding the office of Director in [fifteen companies] [ Substituted by Act 53 of 2000, Section 135, for " twenty companies" (w.e.f. 13.12.2000).] is appointed, after the commencement of [the Companies (Amendment) Act, 2000] [ Substituted by Act 53 of 2000, Section 135, for " this Act" (w.e.f. 13.12.2000).], as a Director of any other company, the appointment-(a)shall not take effect unless such person has, within fifteen days thereof, effectively vacated his office as Director in any of the companies in which he was already a Director; and(b)shall become void immediately on the expiry of the fifteen days if he has not, before such expiry, effectively vacated his office as Director in any of the other companies aforesaid.
