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Companies Act, 1956

Sec 199     -     Calculation of commission, etc., in certain cases.

(1) Where any commission or other remuneration payable to any officer or employee of a company (not being a director or a manager) is fixed at a percentage of, or is otherwise based on, the net profits of the company, such profits shall be calculated in the manner set out in sections 349 and 350.

(2) Any provision in force at the commencement of this Act for the payment of any commission or other remuneration in any manner based on the net profits of a company, shall continue to be in force for a period of one-year from such commencement ; and thereafter shall become subject to the provisions of sub-section (1).

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