Section 4 of the Companies Act, 1965 [79 of 1965] (hereinafter referred to as "the Principal Act") is hereby amended by -
(a) inserting after the words, "twenty members" appearing in the definition of "exempt private company" in sub-section (1) the words, "none of whom is a corporation"; and
(b) deleting the words, "or by the rules" appearing in the definition of "prescribed".