SECTION 497

No person shall hold simultaneously more than three offices as Managing Director of public limited companies having their registered office on the territory of the same State Party. In like manner, a term of office as Managing Director shall not be held concurrently with more than two appointments as Chairperson Managing Director or General Manager of public limited companies having their registered office on the territory of the same State Party. A director who, on appointment to a new office, violates the provisions of the first and second paragraphs of this article shall, within three months of his appointment, resign from one of his offices. He shall, at the expiry of this deadline, be deemed to have resigned from his new office and shall refund all remuneration received, in any form whatsoever, without the validity of decisions taken by him being opened to question as a result thereof. Section 3 Duties and remuneration of the Managing Director