Companies Act, 1956
Sec 276 - Choice to be made by director of more than twenty companies at commencement of Act.
(1) Any person holding office as director in more than fifteen companies immediately before the commencement of the Companies (Amendment) Act, 2000 shall, within two months from such commencement,
(a) choose not more than fifteen of those companies, as companies in which he wishes to continue to hold the office of director;
(b) resign his office as director in the other companies; and
(c) intimate the choice made by him under clause (a) to each of the companies in which he was holding the office of director before such commencement, to the Registrar having jurisdiction in respect of each such company, and also to the Central Government.
(2) Any resignation made in pursuance of clause (b) of sub-section (1) shall become effective immediately on the dispatch thereof to the company concerned.
(3) No such person shall act as director
(a) in more than fifteen companies, after the expiry of two months from the commencement of the Companies (Amendment) Act, 2000; or
(b) of any company after dispatching the resignation of his office as director thereof, in pursuance of clause (b) of sub-section (1).