COMPANIES ACT, 1929

543
Provided that—

(i) a demand for a statement under this section shall be of no
effect if the company within one month after the date on
which the demand is made resolve that the statement
shall not be furnished; and
it shall be sufficient to state the total aggregate of all
sums paid to or other emoluments received by all the
directors in each year without specifying the amount
received by any individual.

11)

{2) In computing for the purpose of this section the amount of
any remuneration or emoluments received by any director, the
amount actually received by him shall, if the company has paid on his
behalf any sum by way of income tax (including super-tax and sur-
tax) in respect of the remuneration or emoluments, be increased by
the amount of the sum so paid.

(3) If any director fails to comply with the requirements of this
section, he shall be liable to a fine not exceeding fifty pounds.

4) In this section the expression “emoluments” includes fees,
percentages and other payments made or consideration given,
directly or indirectly, to a director as such, and the money value of
any allowances or perquisites belonging to his office.

149.—(1) Subject to the provisions of this section, it shall be the Disclosure by
duty of a director of a company who is in any way, whether directly ivectore of
or indirectly, interested in a contract or proposed contract with the contracts.
company to declare the nature of his interest at a meeting of the
directors of the company.
(2) In the case of a proposed contract the declaration required
by this section to be made by a director shall be made at the meeting
of the directors at which the question of entering into the contract
is first taken into consideration, or if the director was not at the date
of that meeting interested in the proposed contract, at the next
meeting of the directors held after he became so interested, and in a
case where the director becomes interested in a contract after it is
made, the said declaration shall be made at the first meeting of the
directors held after the director becomes so interested.

(3) For the purpose of this section, a general notice given to the
directors of a company by a director to the effect that he is a
member of a specified company or firm and is to be regarded as
Interested in any contract which may, after the date of the notice, be
made with that company or firm shall be deemed to be a sufficient
declaration of interest in relation to any contract so made.

(4) Any director who fails to comply with the provisions of this
section shall be liable to a fine not exceeding one hundred pounds.

(5) Nothing in this section shall be taken to prejudice the
operation of any rule of law restricting directors of a company from
having any interest in contracts with the company