Section 293 CAMA 2020

Section 293 Companies and Allied Matters Act is about Renumeration of directors. It is under Chapter 11 (Directors) of the Act.

(1) The remuneration of the directors is determined by the company in general meeting and such remuneration is deemed to accrue from day-to-day.

(2) The directors may also be paid travelling, hotel and other expenses properly incurred by them in attending and returning from meetings of the directors, committee of the directors, general meetings of the company or in connection with the business of the company.

(3) Where remuneration has been fixed by the articles, it is alterable only by a special resolution.

(4) A company is not bound to pay remuneration to directors, but where the company agrees to pay, the directors shall be paid such remuneration out of the fund of the company.

(5) The amount of remuneration is a debt from the company so that if directors take office on the basis of the articles, they shall be able to sue the company on account of the debt or prove it in liquidation.

(6) A director who receives more money than he is entitled to, is guilty of misfeasance and is accountable to the company for such money.

(7) The remunerations of directors is apportionable.