Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 199 – The Companies Act,1956

The Companies Act, 1956

199. Calculation of commission, etc., in certain cases.

(1) Where any commission or other remuneration payable to any officer or employee of a company (not being a director 1[***] or a manager) is fixed at a percentage of, or is otherwise based on, the net profits of the company, such profits shall be calculated in the manner set out in sections 349 2[and 350].

(2) Any provision in force at the commencement of this Act for the payment of any commission or other remuneration in any manner based on the net profits of a company, shall continue to be in force for a period of one year from such commencement; and thereafter shall become subject to the provisions of sub-section (1).

—————————-

1. The words “, the managing agent, secretaries and treasurers” omitted by Act 53 of 2000, sec. 86 (w.e.f. 13-12-2000).

2. Subs. by Act 53 of 2000, sec. 86, for “, 350 and 351” (w.e.f. 13-12-2000).

Previous | Next

The Companies Act, 1956

Indian Laws – Bare Acts

MyNation

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2020 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Section 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation