(1)[Save as provided in sub-section (2), no company shall, after the commencement of this Act, appoint or employ any firm or body corporate to or in any office or place of profit under the company, other than the office of [* * *] [trustee for the holders of debentures of the company, for a term exceeding five years at a time:Provided that the initial appointment or employment of a firm or body corporate to or in any office or place of profit as aforesaid may, with the approval of the Central Government, be made for a term not exceeding ten years.] [Substituted by Act 65 of 1960, Section 57, for sub-Section (1) (w.e.f. 28.12.1960). ][* * *] [ Sub-Section (2) omitted by Act 53 of 2000, Section 90 (w.e.f. 13.12.2000).]
