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TMI BlogRemuneration of directors.X X X X Extracts X X X X X X X X Extracts X X X X ..... ection, either by the articles of the company, or by a resolution or, if the articles so require, by a special resolution, passed by the company in general meeting [1] [and the remuneration payable to any such director determined as aforesaid shall be inclusive of the remuneration payable to such director for services rendered by him in any other capacity: Provided that any remuneration for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... office of such director, whichever is less, but no longer. (3) A director who is either in the whole-time employment of the company or a managing director may be paid remuneration either by way of a monthly payment or at a specified percentage of the net profits of the company or partly by one way and partly by the other: Provided that except with the approval of the Central Government such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... *] or a manager; (ii) three per cent of the net profits of the company, in any other case: Provided further that the company in general meeting may, with the approval of the Central Government, authorise the payment of such remuneration at a rate exceeding one per cent or, as the case may be, three per cent of its net profits.] (5) The net profits referred to in sub-sections (3) and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eration from any subsidiary of such company. (7) The special resolution referred to in sub-section (4) shall not remain in force for a period of more than five years; but may be renewed, from time to time, by special resolution for further periods of not more than five years at a time: Provided that no renewal shall be effected earlier than one year from the date on which it is to come into ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 42, for sub-section (4), w.e.f. 15-10-1965. [4] Omitted by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000, as provisions relating to managing agents, or secretaries and treasures had become redundant after abolition of system by Act 17 of 1969. [5] Inserted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 113. - - statute, statutory provisions legislation, law, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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