Section 199   [ View Judgements ]

Calculation of commission, etc. in certain cases.


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 agents, 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).

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