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Section 491 – The Companies Act,1956

The Companies Act, 1956

491. Board’s powers to cease on appointment of liquidator.

On the appointment of a liquidator, all the powers of the Board of directors and of the managing or whole-time directors 1[***] and manager, if there be any of these, shall cease except for the purpose of giving notice of such appointment to the registrar in pursuance of section 493 or insofar as the company in general meeting or the liquidator may sanction the continuance thereof.

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1. The words “, managing agent, secretaries and treasurers,” omitted by Act 53 of 2000, sec. 194 (w.e.f. 13-12-2000).

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The Companies Act, 1956

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