The manager of a company may, subject to the provisions of section 198, receive remuneration either by way of a monthly payment, or by way of a specified percentage ¹[***] of the "net profits" of the company calculated in the manner laid down in sections 349 ²[and 350] or partly by the one way and partly by the other:

³[Provided that except with the approval of the Central Government such remuneration shall not exceed in the aggregate five per cent of the net profits.]

1. The words "not exceeding five", omitted by Act 65 of 1960, sec. 147 (w.e.f. 28-12-1960).

2. Subs. by Act 53 of 2000, sec. 172, for " 350 and 351" (w.e.f. 13-12-2000).

3. Inserted by Act 65 of 1960, sec.147 (w.e.f. 28-12-1960)