No right to compensation for loss of office or premature termination of contract of management.

No right to compensation for loss of office or premature termination of contract of management.— Notwithstanding anything contained in any law for the time being in force, no person who ceases to hold any office by reason of the provisions contained in clause (b) of sub-section (1) of section 7, or whose contract of management is terminated by reason of the provisions contained in clause (c) of that sub-section shall be entitled to any compensation for the loss of office or for the premature termination of his contract of management: Provided that, nothing contained in this section shall affect the right of any such person to recover from the said Institution moneys recoverable otherwise than by way of such compensation.