Companies. [Ch. 31. No. 1.

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purposes of this section, be deemed to have been a payment
made to him by way of compensation for loss of office or as
consideration for or in connection with his retirement from
office.

(6) Nothing in this section shall be taken to prejudice
the operation of any rule of law requiring disclosure to be
made with respect to any such payments as are mentioned
in this section or with respect to any other like payments
made or to be made to the directors of a company.

149. If in the case of any company provision is made by
the articles or by any agreement entered into between any
person and the company for empowering a director or
manager of the company to assign his office as such to another
person, any assignment of office made in pursuance of the
said provision shall, notwithstanding anything to the
contrary contained in the said provision, be of no effect

unless and until it is approved by a special resolution of
the company.

Avoidance of provisions in articles or contracts relieving
officers from liability.

150. Subject as hereinafter provided, any provision,
whether contained in the articles of a company or in any
contract with a company or otherwise, for exempting any
director, manager or officer of the company, or any person
(whether an officer of the company or not) employed by the
company as auditor from, or indemnifying him against,
any liability which by virtue of any rule of law would
otherwise attach to him in respect of any negligence,
default, breach of duty or breach of trust of which he may be
guilty in relation to the company shall be void:

Provided that—

(a) in relation to any such provision which is in
force at the date of the commencement of this Ordi-
nance, this section shall have effect only on the expira-
tion of a period of six months from that date; and

(5) nothing in this section shall operate to deprive
any person of any exemption or right to be indemnified
in respect of anything done or omitted to be done by
him while any such provision was in force; and

(c) notwithstanding anything in this section, a

T.—IVv. 28

Provisions as
to assign-
ment of
office by
directors.

Provisions
as to liability
of officers
and auditors.