(3)No such person shall act as Director-(a)in more than [fifteen] [ Substituted by Act 53 of 2000, Section 134, for " twenty" (w.e.f. 13.12.2000).] companies, after the expiry of two months from the commencement of [the Companies (Amendment) Act, 2000] [ Substituted by Act 53 of 2000, Section 134, for " this Act" (w.e.f. 13.12.2000).]; or(b)of any company after despatching the resignation of his office as Director thereof, in pursuance of clause (b) of sub-section (1).
