(4)[ A Director who is neither in the whole-time employment of the company nor a Managing Director may be paid remuneration either-(a)by way of a monthly, quarterly or annual payment with the approval of the Central Government; or(b)by way of commission if the company by special resolution authorises such payment:Provided that the remuneration paid to such Director, or where there is more than one such Director, to all of them together, shall not exceed-(i)one per cent of the net profits of the company, if the company has a managing or whole-time Director, [* * *] [or a manager; [Substituted by Act 31 of 1965, Section 42, for sub-Section (4) (w.e.f. 15.10.1965). ](ii)three per cent of the net profits of the company, in any other case:Provided further that the company in general meeting may, with the approval of the Central Government, authorise the payment of such remuneration at a rate exceeding one per cent or, as the case may be, three per cent of its net profits.] [Substituted by Act 31 of 1965, Section 42, for sub-Section (4) (w.e.f. 15.10.1965). ]
