The Companies Act, 1956
325A SUBSIDIARY OF A BODY CORPORATE NOT TO BE APPOINTED AS MANAGING AGENT.
After the commencement of the Companies (Amendment) Act, 1960, no company shall appoint as its managing agent any body corporate which is a subsidiary either of itself or of any other body corporate unless immediately before such commencement the company has any such subsidiary as its managing agent.
1. Section 325A ins. by Act 65 of 1960, sec. 121 (w.e.f. 28-12-1960).