175. Provisions relating to removal

A director, chief executive officer or senior officer removed from office or employment in an institution under section 174 shall cease to hold the office from which he is removed with effect from the date set out in the order and shall cease to be concerned with the business or affairs of the institution.

The removal of a director, chief executive officer or senior officer under section 174 shall be lawful and valid notwithstanding anything contained in a contract of service or any other agreement relating to his appointment and whether or not made or provided for under any written law, and a person so removed from office or employment shall not be entitled to claim compensation for the loss of office.