A method, system and computer program for dynamically updating code managed by an authorized agent. The method includes executing multiple versions of agent code in system memory. One version of the agent code is executed as an active version and another version of the agent code is executed as an inactive version. Version numbers of the active and inactive versions of the agent code are stored in a reloadable module vector. Client instances previously bound to the inactive version of the agent code are bound to the active version of the agent code after comparing the version numbers of the active version of the agent code and the inactive version of the agent code. A portion of the system memory used by the inactive version of the agent code is deallocated when no client instances are bound to the inactive version of the agent code.