123. Amendment of section 247.- In section 247 of the principal Act,-

(a) sub-section (4) shall be omitted;

(b) in sub-section (5),-

(i) the words "or of any such managing agent, secretaries and treasurers, or associate" shall be omitted;

(ii) the words " managing agent, secretaries and treasurers or associate," at both the places where they occur, shall be omitted;

(iii) the words "or of the managing agent, secretaries and treasurers or associate" shall be omitted;

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