(1) Where the office of the managing agent of a company is held by an individual at the commencement of this Act and the managing agency agreement provides for succession to the office by inheritance or device, no person shall succeed to the office on the death of the holder thereof; unless the succession of such person thereto is approved by the Central Government; and that Government shall not accord such approval unless, in its opinion, such person is a fit and proper person to hold the office of managing agent of the company.