Transport Act, 1944

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Managing director.

40.—(1) The Board may from time to time appoint one of the Board to be managing director of the Company, either for a fixed term or without any limitation as to the period for which he is to hold such office and may from time to time (subject to the provisions of any contract between him and the Company) remove or dismiss him from office and appoint another in his place.

(2) If a managing director of the Company ceases to be a member of the Board he shall ipso facto and immediately cease to be a managing director.

(3) The remuneration (which shall be by way of fixed salary and not otherwise) of a managing director of the Company shall from time to time be fixed by the Board.

(4) The Board may from time to time entrust to and confer upon a managing director of the Company for the time being such of the powers exercisable by the Board as the Board think fit, and may confer such powers for such time and to be exercised for such objects and purposes, and upon such terms and conditions and with such restrictions as the Board think expedient, and the Board may confer such powers, either collaterally with, or to the exclusion of, and in substitution for all or any of the powers of the Board in that behalf, and may from time to time revoke, withdraw, alter, or vary all or any of such powers.