Clause 18
New section 157A
BillNot in forceProvision 18 of 44
Clause 18
The Companies Act is amended by inserting, immediately after section 157, the following section:“Powers of directors157A.—
(1)
The business of a company shall be managed by or under the direction of the directors.
(2)
The directors may exercise all the powers of a company except any power that this Act or the memorandum and articles of the company require the company to exercise in general meeting.”.