The manager of a company may, subject to the provisions of section 198, receive remuneration either by way of a monthly payment, or by way of a specified percentage [* * *] of the "net profits" of the company calculated in the manner laid down in sections 349 [and 350] [ Substituted by Act 53 of 2000, Section 172, for " ,350 and 351" (w.e.f. 13.12.2000).], or partly by the one way and partly by the other:[Provided that except with the approval of the Central Government such remuneration shall not exceed in the aggregate five per cent of the net profits.] [ Inserted by Act 65 of 1960, Section 147 (w.e.f. 28.12.1960).]
