Fernando's Business Ethics and Corporate Governance, 3rd Edition

Chapter 19

 The Role of Board of Directors in Corporate Governance 673

a resolution passed by the company in general meeting or by the company’s board of

directors, an ofcer or employee of the company holding an ofce at the commencement

of this Act is entitled to remuneration in any of the modes prohibited by sub-section

(1), such provision shall have effect during the residue of the term for which he is entitled

to hold such ofce at such commencement, as if it provided instead for the payment a

gross sum subject to the tax in question, which after deducting such tax, would yield the

net sum actually specied in such provision.

3.

This ...