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of <h1>Directors Must Disclose and Get Approval for Payments on Office Loss or Retirement Under Section 319, Companies Act, 1956.</h1> Section 319 of the Companies Act, 1956, prohibits company directors from receiving payments for loss of office or retirement in connection with the transfer of the company's undertaking or property, unless the payment details are disclosed to the company's members and approved in a general meeting. If a director receives such payment without compliance, it is considered held in trust for the company. This provision does not impact the operation of Section 318.
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