(1)Every Director, Managing Director, [* * *][Manager or Secretary of any company, who is appointed to or relinquishes, the office of Director, Managing Director [* * *] [Substituted by Act 65 of 1960, Section 111, for Section 305 (w.e.f. 28.12.1960). ][ Manager or Secretary of any other body corporate, shall within twenty days of his appointment to, or as the case may be, relinquishment of, such office, disclose to the company aforesaid the particulars relating to the office in the other body corporate which are required to be specified under sub-section (1) of section 303; and if he fails to do so, he shall be punishable with fine which may extend to [five thousand rupees] [Substituted by Act 65 of 1960, Section 111, for Section 305 (w.e.f. 28.12.1960). ].
