277. Choice by person becoming director of more than fifteen companies after commencement of Act.—(1) Where a person already holding the office of director in fifteen companies is appointed, after the commencement of the Companies (Amendment) Act, 2000, as a director of any other company, the appointment— (a) shall not take effect unless such person has, within fifteen days thereof, effectively vacated his office as director in any of the companies in which he was already a director; and (b) shall become void immediately on the expiry of the fifteen days if he has not, before such expiry, effectively vacated his office as director in any of the other companies aforesaid. (2) Where a person already holding the office of director in fourteen companies or less is appointed, after the commencement of the Companies (Amendment) Act, 2000, as a director of other companies, making the total number of his directorships more than fifteen, he shall choose the directorships which he wishes to continue to hold or to accept, so however that the total number of the directorships, old and new, held by him shall not exceed fifteen.
None of the new appointments of director shall take effect until such choice is made; and all the new appointments shall become void if the choice is not made within fifteen days of the day on which the last of them was made.
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