Section 13
No right to compensation for termination of contract of management, etc. Repealed
The Shipping Development Fund Committee (Abolition) Act, 1986
About this Act
An Act to abolish the Shipping Development Fund Committee constituted under the Merchant Shipping Act, 1958 and to provide for certain matters incidental thereto.
(1)
Notwithstanding anything to the contrary contained in any contract or in any law for the time being in
force, no managing or whole-time director or any other director or a manager or any person in charge of
management of a shipowner which is a company 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 company.
(2) Nothing contained in sub-section (1) shall affect the right of any such managing or whole-time director, or any other director or manager or any such person in charge of management to recover from the shipowner moneys recoverable otherwise than by way of such compensation.
(2) Nothing contained in sub-section (1) shall affect the right of any such managing or whole-time director, or any other director or manager or any such person in charge of management to recover from the shipowner moneys recoverable otherwise than by way of such compensation.