Agreement of a Limited Company for Appointment of its

Managing Director

This agreement is made the.............day of................... between.................. Company

Limited (hereinafter called the company) of the one part and ‘B’ of (hereinafter called Mr.
‘X’) of the other part.
Whereas the company is desirous of appointing Mr. ‘X’ as its Managing Director on
the terms and conditions hereinafter prescribed; and whereas Mr. ‘X’ has agreed to act as
such Managing Director.
Now it is mutually agreed between the parties as follows:
1. Mr. ‘X’ is hereby appointed Managing Director of the company with effect from
the date of execution of this agreement for a term of...................years. Mr. ‘X’
shall perform such duties and exercise such powers as may from time to time
be delegated to him by resolution of the Board of the company.
2. Mr. ‘X’ shall, unless prevented by ill-health devote whole of his time to the
business of the company and do his utmost to advance its interest and shall
obey the orders of the Board of Directors of the company.
3. There shall be paid, to the said Mr. ‘X’ as Managing Director, a monthly salary
of....................
4. If before the termination of office of Mr. ‘X’ as Managing Director an effective
order for winding up of the company is passed by a competent court or the
company is amalgamated with any other company. Mr. ‘X’ shall not have any
claim for compensation against the company for termination of his agreement
before the fixed time.
5. The Directors may at any time appoint any other person as Joint Managing
Director.
6. Mr. ‘X’ during the currency of this agreement shall not disclose or give
information regarding the affairs and business of the company to any other
person. He shall also not carry on directly or indirectly during the currency of
this agreement any other business either himself or on behalf of any other
persons.
...................... Sd./
Witnesses: Parties