Section 294

(1) A managing director receives such remuneration (whether by way of salary, commission, participation in profits, or partly in one way and in another) as the directors may determine.

(2) Where a managing director is removed for any reason under section 288 of this Act, he may claim for breach of contract if there is any or where a contract could be inferred from the terms of the articles.

(3) Where he performs some services without a contract, he is entitled to payment on a quantum merit .