276. Choice to be made by Director of more than [fifteen] companies at commencement of Act
(1)Any person holding office as Director in more than [fifteen] [ Substituted by Act 53 of 2000, Section 134, for " twenty" (w.e.f. 13.12.2000).] companies immediately before 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).] shall, within two months from such commencement,-(a)choose not more than [fifteen] [ Substituted by Act 53 of 2000, Section 134, for " twenty" (w.e.f. 13.12.2000).] of those companies, as companies in which he wishes to continue to hold the office of Director;(b)resign his office as Director in the other companies; and(c)intimate the choice made by him under clause (a) to each of the companies in which he was holding the office of Director before such commencement, to the Registrar having jurisdiction in respect of each such company, and also to the Central Government.(2)Any resignation made in pursuance of clause (b) of sub-section (1) shall become effective immediately on the despatch thereof to the company concerned.(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).
