Costing Standards Accounting Standards E-Forms

The Companies Act, 1956

Managing Agents (Section 324 to 377)

Section 376 Conditions prohibiting reconstruction or amalgamation of company.

Section 376 Conditions prohibiting reconstruction or amalgamation of company.

Where any provision in the memorandum or articles of a company, or in any resolution passed in general meeting by, or by the Board of directors of, the company, or in an agreement between the company and  any other person, whether made before or after the commencement of this Act, prohibits the reconstruction of the company or its amalgamation with any other body corporate or bodies corporate ,either absolutely or except on the condition that the managing director or manager of the company is appointed or reappointed as  managing director ,  or manager of the reconstructed company or of the body resulting from amalgamation, as the case may be, shall become void with effect from the commencement of this Act, or be void, as the case may be.