Section 34. (I) Save as otherwise provided in this section, the provisions of this Act srnll have effect notwith

(2) If in respect of any accounting year the total bonus payable to all the employees in any establishment under this Act is less than the total bonus paid or payable to all the employees in that establishment in respect of the base year under any award, agreement, settlement or contract of service, then, the employees in the establishment shall be paid bonus in respect of that accounting year as if the allocable surplus for that accounting year were an amount which bears the same ratio to the gross profits of the said accountIng year as the total bonus paid or payable in respect of the base year bears to the gross profits of the base year: Provided that nothing contained in this sub-section shall entitle any employee to be paid bonus exceeding twenty per cent, of the salary or wage earned by him during the accounting year: Provided further that if in any accounting year the allocable surplus computed as aforesaid exceeds the amount of maximum bonus payable to the employees in the establishment under the first proviso, then, the provisions of section 15 shall, so far as may be, apply to such excess. (3) Nothing contained In this Act shall be construed to preclude employees employed in any establishment or class of establishments from entering into agreement with their employer for granting them an amount of bonus under a formula which is different from that under this Act: Provided that any such agreement whereby the employees relinquish their right to receive the minimum bonus under section 10 shall be null and void in so far as it purports to deprive them of such right. 34. (I) Save as otherwise provided in this section, the provisions of this Act srnll have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in the terms of any award, agreement, settlement or contract of service made before the 29th May, 1965. Explanation I. —For the purpose of this sub-section, the total bonus in respect of any accounting year shall be deemed to be less than the total bonus paid or payable in respect of the base year if the ratio of bonus payable in respect of the accounting year ,to the gross profits ol that year is less than the ratio of bonus paid or payable in respect of the base year to the gross profits of that year. Effect of laws and agreements inconsis. tent with the Act. 43O THE GAZETTE OF INDIA EXTRAORDINARY [PAXX II Explanation II. —In this sub-section,— (a) "base year" means— (i) in a case where immediately before the 29th May, 1965, any dispute of the nature specified in section 33 was pending before the appropriate Government or before any Tribunal or other authority under the Industrial Disputes Act, 1947, or under any corresponding law relating to investigation and settlement of industrial disputes in a State, the accounting year immediately preceding the accounting year to which the dispute relates; (11) m any other case, the period of twelve months Immediately precading the accounting year in respect of which this Act becomes applicable to the establishment; (b) "gross profits" in relation to the base year or, as the case may be, to the accounting year, means gross profits as reduced by the direct taxes payable by the employer in respect of that year.