(2)[[(a)] [Substituted by Act 31 of 1965, Section 44, for sub-Section (2) (w.e.f. 15.10.1965). ] [If any office or place of profit is held in contravention of the provisions of sub-section (1), the Director, partner, relative, firm, private company [* * *] [Inserted by Act 41 of 1974, Section 29 (w.e.f. 1.2.1975). ], [or the manager concerned, shall be deemed to have vacated his or its office as such on and from the date next following the date of the general meeting of the company referred to in the first proviso or, as the case may be, the date of the expiry of the period of three months referred to in the second proviso to that sub-section, and shall also be liable to refund to the company any remuneration received or the monetary equivalent of any perquisite or advantage enjoyed by him or it for the period immediately preceding the date aforesaid in respect of such office or place of profit.] [Inserted by Act 41 of 1974, Section 29 (w.e.f. 1.2.1975). ](b)[ The company shall not waive the recovery of any sum refundable to it under clause (a) unless permitted to do so by the Central Government.] [ Inserted by Act 41 of 1974, Section 29 (w.e.f. 1.2.1975).]
