Section 266: No compensation to be payable for annulment or modification of contract
The Companies Act, 2017 · Federal Acts · in_force
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266. No compensation to be payable for annulment or modification of contract.—Notwithstanding anything contained in any other law for the time being in force, and except as ordered by the Court for special reasons to be recorded in writing, no director, chief executive or other officer of the company shall be entitled to be paid any compensation for annulment or modification of a contract to which he is a party or of which he is a beneficiary, if such contract is annulled or modified by an order issued by the Court under section 264.
Effective date: 2017-05-30
Related sections
Section 265: Effect of Court’s orderSection 267: No right to compensation for loss of officeSection 264: Power of Commission to initiate action against managementSection 268: Application for winding up of company or an order under section 286Section 263: ProsecutionSection 269: Proceedings for recovery of damages or property
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