Unit Trust of India Act,1963
Act No : 52
Section :
Power to impose conditions, etc.
2*[19A. Power to impose conditions, etc. (1) In entering into any arrangement, under section 19, with any concern, the Trust may impose such conditions as it may think necessary or expedient for protecting the interest of the Trust and for securing that the accommodation granted by it is put to the best use by the industrial concern. (2) Where any arrangement entered into by the Trust under section 19 with any concern provides for the appointment by the Trust of one or more directors of such concern, such provision and any appointment of directors made in pursuance thereof shall be valid and effective notwithstanding anything to the contrary contained in the Companies Act, 1956, (1 of 1956.) or in any other law for the time being in force or in the memorandum, articles of association or any ---------------------------------------------------------------------- 1. Subs. by Act 63 of 1985, s. 5 (w.e.f. 23.4.1986). 2. Ins. by Act 52 of 1975, s. 53 (w.e.f 16-2-1976). 155 other instrument relating to the concern, and any provision regarding share qualification, age limit, number of directorships, removal from office of directors and such like conditions contained in any such law or instrument aforesaid, shall not apply to any director appointed by the Trust in pursuance of the arrangement as aforesaid. (3) Any director appointed as aforesaid shall,- (a) hold office during the pleasure of the Trust and may be removed or substituted by any person by order in writing by the Trust; (b) not incur any obligation or liability by reason only of his being a director or for anything done or omitted to be done in good faith in the discharge of his duties as a director or anything in relation thereto; (c) not be liable to retirement by rotation and shall not be taken into account for computing the number of directors liable to such retirement.]
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