Compensation for termination of office

A company shall not pay or be liable to pay to its managing agent any compensation for the loss of his office in the following cases :-

(a) where the managing agent resigns his office in view of the reconstruction of the company or of its amalgamation with any other body corporate or bodies corporate and is appointed as the managing agent, secretaries and treasurers, manager or other officer of the reconstructed company or of the body corporate resulting from the amalgamation;

(b) where the managing agent resigns his office, otherwise than on the reconstruction of the company or its amalgamation as aforesaid;

(c) where the managing agent vacates his office in pursuance of section 324, 324A, 330 or 332;

(d) where the managing agent is deemed to have vacated his office in pursuance of clause (a), (b), (c) or (d) of section 334 or of section 336;

(e) where the managing agent is deemed to have vacated his office in pursuance of clause (e) of section 334, provided the winding up of the company was due to the negligence or default of the managing agent;

(f) where the managing agent is deemed to have been suspended, or is suspended, from his office in pursuance of section 335 or sub-section (2) of section 340;

(g) where the managing agent is removed from office by a resolution in pursuance of section 337 or 338; and