COMPANIES ACT - 1963 (ACT 179)

    Section - 213 - Provisions Supplements to Section 211 and 212

    (1) For the purposes of sections 211 and 212 of this Code and of this section the expression "payment" includes any benefit or advantage whether in cash or in kind.

    (2) sections 211 and 212 of this Code shall not render unlawful or apply to the payment of damages awarded or approved by any competent court for breach of any valid service agreement or the bona fide payment of any pension or superannuation benefit in respect of past services in accordance with a valid service agreement.

    (3) For the purposes of subsection (4) of section 212 of this Code and the immediately preceding subsection, a service agreement shall not be deemed to be valid if it shall have been entered into in contemplation of such a transfer as is referred to in subsection (2) of section 211 of this Code or of such an offer as is referred to in subsection (1) of section 212 of this Code, and unless the contrary is proved the service agreement shall be deemed to have been entered into in contemplation of such transfer or offer if it is made within one year before or contemporaneously with, or at any time after the date of the agreement to transfer or the making of the offer.

    (4) For the purposes of sections 211 and 212 of this Code if,

    (a) any payment, not being remuneration properly payable in accordance with section 194 of this Code, is received by a director or former director within a period of one year before, or two years after the date of the agreement to make such transfer as is referred to in subsection (2) of section 211 of this Code or of the date of making such an offer as is referred to in subsection (1) of section 212 of this Code, and

    (b) the company or the person to whom such transfer or by whom such offer was made was privy to the making of the payment,

    such payment shall be deemed to have been received by him in connection with the transfer or offer unless he proves that the payment would have been received by him whether or not the transfer or offer had been made.