Schedules
SCHEDULE VII- RESTRICTIONS ON POWERS OF MANAGING AGENTS/ SECRETARIES AND TREASURERS
SCHEDULE VII
[See Sections 368 and 379]
RESTRICTIONS ON POWERS OF MANAGING AGENTS/ SECRETARIES AND TREASURERS
The managing agents/secretaries and treasurers shall not exercise any of the following powers except after obtaining the previous approval of the Board of directors of the company in regard to each such exercise :
(1) [Omitted by the Companies (Amendment) Act, 1960.]
(2) Power to appoint as an officer or member of the staff of the company, payable from its funds (as distinguished from the funds of the managing agent/secretaries and treasurers or from out of any remuneration payable to him/them by the company), any person -
(a) on a remuneration or scale of remuneration exceeding the limits laid down by the Board in this behalf ; or
(b) who is a relative of the managing agent, or where the managing agent is /secretaries and treasurers are a firm, of any partner in the firm ; or where the managing agent is/ secretaries and treasurers are a private company, of any director or member or such company ;
(3) Power to purchase capital assets for the company except where the purchase price is within the limits prescribed by the Board in this behalf ;
(4) Power to sell the capital assets of the company, except where the sale price is within the limits prescribed by the Board in this behalf ;
(5) Power to compound, or sanction the extension of time for the satisfaction or payment of, any claim or demand of the company against (including any debt claimed to be due to it from) the managing agent/secretaries and treasurers or any associate of the managing agent/secretaries and treasurers ;
(6) Power to compound any claim or demand made against the company (including any debt claimed to be due from it) by the managing agent/secretaries and treasurers or any associate of the managing agents/secretaries and treasurers.