https://www.taxtmi.com/caselaws?id=97914 Section 76 of the Companies Act, 1956 was treated by the majority as imposing an absolute ceiling on commission payable for subscribing for shares or debentures, and not as a restriction limited to commission paid out of capital. Read as an integrated provision, section 76(1) and section 76(2) were held to prevent payment through direct or indirect devices, including arrangements routed through profits. A pre-existing agreement could not survive where it conflicted with the Act, because sections 9 and 645 displace inconsistent agreements and articles. On that basis, an agreement for commission expressed as payable out of profits was held unenforceable. The dissent considered section 76(1) only an enabling provision confined to capital-based commission. en-us Tue, 20 Mar 1962 00:00:00 +0530 Thu, 11 Feb 2016 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97914 Section 76 of the Companies Act, 1956 was treated by the majority as imposing an absolute ceiling on commission payable for subscribing for shares or debentures, and not as a restriction limited to commission paid out of capital. Read as an integrated provision, section 76(1) and section 76(2) were held to prevent payment through direct or indirect devices, including arrangements routed through profits. A pre-existing agreement could not survive where it conflicted with the Act, because sections 9 and 645 displace inconsistent agreements and articles. On that basis, an agreement for commission expressed as payable out of profits was held unenforceable. The dissent considered section 76(1) only an enabling provision confined to capital-based commission. Case-Laws Companies Law Tue, 20 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97914