13. (1) Where compensation is payable out of the accident fund, an employer or a director of a corporation, being the victim of a work accident, or their dependants respectively are entitled to the compensation benefits under this act, provided:(a) that such employer or director is carried or carries himself on the pay-roll of the industry at an amount which the Commission deems reasonable, but not exceeding the maximum rate of annual earnings established according to subsection 1 of section 46;
(b) that the intention to include such employer or director of a corporation as a workman be stated in the pay-roll and in the statement furnished to the Commission under section 88; and
(c) that the amount of the salary of such employer or director, as shown in the said pay-roll and statement, be included in the estimate for the year.
For the purpose of determining the compensation, the earnings of such employer or director shall not be taken to be more than the amount as shown by such pay-roll and statement, or to be more than the maximum rate of annual earnings established according to subsection 1 of section 46.