(2)Notwithstanding anything to the contrary contained in the Indian Companies Act, 1913 ( 7 of 1913 ), or in the articles of association of the insurer, being a company, or in any contract or agreement, no manager, managing director or any other person concerned in the management of an insurer's business shall be entitled to nominate a successor to hi s office, and no person so nominated, whether before or after the commencement of the Insurance (Amendment) Act, 1950 ( 47 of 1950 ), shall be entitled to hold or to continue in such office.
