Companies Act, 1956

Sec 263A - Sections 177, 255, 256 and 263 not to apply in relation to companies not carrying business for profit, etc.

Nothing contained in sections 177, 255, 256 and 263 shall affect any provision in the articles of a company for the election by ballot of all its directors at each annual general meeting if such company does not carry on business for profit or prohibits the payment of a dividend to its members.