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of <h1>Section 321: Payments in Trust for Company Transfers Presumed as Compensation Unless Proven Otherwise</h1> Section 321 of the Companies Act, 1956 provides supplementary provisions to sections 318, 319, and 320. It addresses payments received in trust related to company transfers, stipulating that such payments are presumed to apply under specific subsections unless proven otherwise. It specifies that excess payments or valuable considerations given to directors during such transfers are deemed compensation for loss of office. The section clarifies that references to compensation exclude bona fide damages for breach of contract or pensions for past services. It also ensures that these provisions do not override legal requirements for disclosure of such payments.
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