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Section 32D: No right to compensation for termination of contract of managing agent, managing director, etc.

The State Financial Corporations Act, 1951Central Act · Act 63 of 1951

[32D. No right to compensation for termination of contract of managing agent, managing director, etc.-- (1) Notwithstanding anything to the contrary contained in any contract or in any law for the time being in force, no managing agent, managing director or any other director or a manager or any person in charge of management of an industrial concern 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 such concern.

(2) Nothing contained in sub-section (1) shall affect the right of any such managing agent or managing director, or any other director or manager or any such person in charge of management to recover from the industrial concern, moneys recoverable otherwise than by way of such compensation.]

Where this provision sits

ActThe State Financial Corporations Act, 1951
Section32D
Marginal noteNo right to compensation for termination of contract of managing agent, managing director, etc.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 56 of 1956. . Ins. by Act 56 of 1956, s. 17 (w.e.f. 1-10-1956).

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