16.
No compensation to directors for loss of office.-
(1) Notwithstanding anything to the
contrary contained in any contract or in any
other law for the time being in force, no managing
director or any other director or a manager
or any person in charge of management of the
business of the borrower shall be entitled to
any compensation for the loss of office or for
the premature termination under this Act of
any contract of management entered into by him
with the borrower.
(2) Nothing contained in sub-section
(1) shall affect the right of any such managing
director or any other director or manager of
any such person in charge of management to recover
from the business of the borrower, moneys recoverable
otherwise than by way of such compensation.
|
