Amendment status not verified — confirm the current text below against the official source.
(1) Any agreement between the licensee and his managing agent, managing director, manager or secretaries and treasurers shall, notwithstanding anything the contrary in such agreement, be deemed to have been terminated on the date in so far as it relates to the undertaking; and the managing agent, managing director, manager, or, as the case may be, secretaries and treasurers shall be entitled to any remuneration or commission for such period of the agreement may remain unexpired on the vesting date but shall be entitled only to compensation as determined under sub-section (2). (2) Where the agreement was in force on the appointed day and continued to be in force until the vesting date, without having been renewed or reply by a fresh agreement for a further period, the managing agent, managing director, manager, or, as the case may be, secretaries and treasurers shall, for such periods the agreement as may remain unexpired on the vesting date or for a period two years, whichever is less, be entitled to compensation calculated at the serving rate per annum, namely :- The average annual ordinary remuneration (including purchasing communicated and office allowance) to which a managing agent of the licensee would been entitled under paragraph XIII of the Sixth Schedule to the Electric Supply Act during a period of two complete accounts years immediately preceding the vesting date. (3) Any amount payable to a managing agent, managing director, manager as the case may be, secretaries and treasurers under sub-section (1) shall payable from the compensation payable under this Act.