Amendment status not verified — confirm the current text below against the official source.
(1) Any agreement between the licensee and his Termination managing agent or managing director (by whatever name of managing known) shall, notiwithstanding anything to the contrary in a t ~ n c ~ such agreement, be deemed to have been terminated on the 326 E / e c / r i ~ ~ i ~ ~ ' Sipply 11954: rr.N7 Act XXlX 12 rzdert hl: z'itgs (A cquisi t iolt ) vesting date in so fi~r as it relatcs to the undertaking; and the managing agont or managing tf iractor shall not be en- titled to any renmncration or c ~mmissio., I'or suctl period of the agreement tts rnay remain unexy>ireil on tho vesting date but shall be entitled only to compensation as deter- mined under su b-section (2). (2) Where l11e agreement was in force on the 1st November 1949 and continued to be in force until the vest- ing date, without having been i.cnewcd or replaced by a fresh agrccmcnt r'lx a t'urthcr puiucl, t ltc managiizg agcat or managing &rector shall, lor sucll periocl of thc agrec- m ,nt as may re~cain unexpired on the vesting date or for a period of two years, whicheyer is less, be entitled to compel,., .+;on calculated at the following rate per annum, t -,'nely :- The average annual ordinary remuneration (including purchasing commission and office allowar,ce) to which a ~nanaging agent of the licensee would have beerr entitled under paragraph XI Jl of the Sixth Scl~edulc to the Electri- city Supply Act during a period of t\vo complete account years iinmediately preceding the vesting date. (3) Ally amount payable to a managing agent or managing director undei sub-stetion (1) shall be payable from the compensation depositcd 01- daemed to have been dep ,sited uuder this Act. Plovisions