317. Managing director not to be appointed for more than five years at a time.—(1) No company shall after, the commencement of this Act, appoint or employ any individual as its managing director for a term exceeding five years at a time. (2) Any individual holding at the commencement of this Act the office of managing director is a company shall unless his term expires earlier, be deemed to have vacated his office immediately on the expiry of five years from the commencement of this Act. (3) Nothing contained in sub-section (1) shall be deemed to prohibit the re-appointment, re-employment, or the extension of the term of office, of any person by further periods not exceeding five years on each occasion: Provided that any such re-appointment, re-employment or extension shall not be sanctioned earlier than two years from the date on which it is to come into force. (4) This section shall not apply to a private company unless it is a subsidiary of a public company. | 