(1) Where the managing agent of a company, or an associate of the managing agent, receives any sum from the company, whether directly or indirectly, by way of remuneration, rebate, commission, expenses or otherwise, -

(a) in the case of a public company or private company which is a subsidiary of a public company, in contravention of sections 348 to 354 and section 356 to 361; or

(b) in the case of a private company which is not a subsidiary of a public company, is contravention of sections 356 to 361;

the managing agent or associate shall refund such some to the company and until such sum is so refunded, hold it in trust for the company.