Section 96 : Appointment of managing directors, and management of company

1) The directors may, subject to the articles of association, appoint one managing director from amongst themselves.

2) The functions, duties and powers of the managing director shall be as mentioned in the articles of association or as prescribed by the board of directors.

3) While appoint a managing director and other director talking responsibility of the management of the company pursuant to Subsection(1), there shall be entered into an agreement in writing stipulating the terms of appointment, remuneration and facilities; and no facilities or payment other than the remuneration and facilities specified in such agreement and any other facilities receivable as specified by the general meeting shall be provided or made.

4) The term of agreement as referred to in sub –section (3) shall not exceed four years at a time.

5) There shall be made such arrangement that the shareholders can inspect, free of charge, the agreement entered into with the directors pursuant to Sub-section (3).

6) A director who is receiving regular remuneration or facilities, other than meeting allowances, from any one listed company shall not be appointed to the post of managing director in another listed company, with entitlement to regular remuneration or facilities.