(1) After the commencement of this Act, no company shall -

(a) in case it appoints a managing agent for the first time (that is to say, in case the company has had no managing agent at any time since its formation), make the appointment for a term exceeding fifteen years;

(b) in any other case, re-appoint or appoint a managing agent for a term exceeding ten years at a time;

(c) re-appoint a managing agent for a fresh term, when the existing term of the managing agent has two years or more to run :

Provided that the Central Government may, if satisfied that it is in the interest of the company so to do, permit the re-appointment of a managing agent at an earlier time than that specified in clause (c).

(2) For the purpose of sub-section (1), re-appointment does not include the re-appointment of any person on fresh, additional or changed conditions for any period not extending beyond his existing term, but otherwise includes -

(a) the renewal, or the extension of the term, of a previous appointment; and

(b) the appointment of any person or persons having an interest in the previous managing agency.