The Gazette of India
EXTRAORDINARY
PART II—Section 1
PUBLISHED BY AUTHORITY
No 48] NEW DELHI, MONDAY, DECEMBER 5, 1966/Agrahayana 14,1888 (saka)
Separate paging is given to this Part in order that it may be filed
as a separate compilation.
MINISTRY OP LAW
(Legislative Department)
New Delhi, the 5th December, 1966/Agrahayana 14, 1888 (Saka) The following Act of Parliament received the assent of the President on the 3rd December, 1966, and is hereby published for general information: —
THE COMPANIES (AMENDMENT) ACT, 1966.
N o. 34 OF I966
[3rd December, 1966]
An Act further to amend the Companies Act, 1956
BE it enacted by Parliament in the Seventeenth Year of the Republic of India as follows: —
1. (1) This Act may be called the Companies (Amendment) Act 1966.
Short title
and com-
mencement.
536 THE GAZETTE OP INDIA EXTRAORDINARY [PART II—SEC. lj2. In section 240 of the Companies Act, 1956 (hereinafter referred I of 1956.
Asundmsnt of section 340.
to as the principal Act), in sub-section (1A), after the words "autho- rised by him in this behalf", the words "with the previous approval of that Government" shall be inserted.
3. In section 370 of the principal Act,—
Amendment of section 370.
(1) in sub-section (1), the Explanation shall be re-number- ed as Explanation 1 and after Explanation 1 as so re-numbered, the following Explanation shall be inserted, namely: —
"Explanation 2.—If a special resolution has been passed by the lending company authorising the Board of Directors to give any guarantee or provide any security up to a limit specified in the resolution, then, no further special resolution or resolutions shall be deemed to be necessary for giving any guarantee or providing any security within such limit.";
(2) in sub-section (2),—•
(a) in clause (a), in sub-clause {Hi) and sub-clause (iv) the word "or" shall be inserted at the end;
(b) in clause (b), for sub-clause (in), the following sub- clauses shall be substituted, namely: —
" (Hi) by a banking company, or an insurance company, in the ordinary course of its business; or
(iv) by a private company, unless it is a subsidiary of a public company; or
(v) by a company established with the object oi financing industrial enterprises.".
S. P. SEN-VARMA,
Secy, to the Govt. of India.