Section 3 – COMPANIES (ISSUE OF SHARE CERTIFICATES) RULES,1960

3. Definitions

In these rules, unless the context otherwise requires:

 

(a) “Act” means the Companies Act, 1956 (1 of 1956);

 

(b) “Board” means the Board of Directors of a company or a Committee thereof consisting of not less than three directors where the total number of directors exceeds six and not less than two directors where the total number does not exceed six:

 

Provided that, to the extent that the composition of the Board of Directors permits of it, at least half of the number of members of the Committee shall consist of directors other than a managing or whole-time director 1[***]; and

 

(c) “Seal” means the common seal of a company.

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