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Browse Acts ↓(1) A general notice given in accordance with this section is a sufficient declaration of interest in relation to the matters to which it relates. (2) A general notice is a notice given to the directors of a company that the director giving the notice— (a) has an interest as a member, officer, emplo…
(1) If a declaration of interest under section 151 is required of a sole director ofa company that is required to have more than one director— (a) the company shall record the declaration in writing; (b) the making of the declaration forms part of the proceedings at the next meeting of the directors…
(1) In this Division, "credit transaction" means a transaction under which one party (a creditor)— (a) supplies any goods under a hire-purchase agreement, a conditional sale agreement or retention of title agreement; (b) leases or hires goods in return for periodical payments; (c) otherwise disposes…
(1) For the purposes of this Division, a quasi-loan is a transaction under whichone party (a creditor)— (a) agrees to pay, or pays otherwise than in accordance with an agreement, an amount for another person (a borrower); or (b) agrees to reimburse, or reimburses otherwise than in accordance with an…
(1) This section applies to a contract under which the employment of a personas a director of company is guaranteed— (a) with the company; or (b) if the person is the director of a holding company — within the group that comprises the company and its subsidiaries, for a period exceeding, or that cou…
(1) A company may not enter into an arrangement under which— (a) a director of the company or of its holding company, or a person connected with such a director, acquires or is to acquire from the company (directly or indirectly) a substantial non-cash asset; or (b) the company acquires or is to acq…
An approval is not required to be obtained under section 158— (a) for a transaction between a company and a person as a member of the company; or (b) for a transaction between— (i) a holding company and its wholly-owned subsidiary; or (ii) two wholly-owned subsidiaries of the same holding company.
(1) This section applies to a company— (a) that is in liquidation, unless the liquidation is a members' voluntary liquidation; or (b) that is under administration. (2) An approval is not required to be obtained under section 158—(a) from the members of a company to which this section applies; or (b)…
(1) An approval is not required to be obtained under section 158 for atransaction on an approved securities exchange that is effected by a director, or a person connected with the director, through the agency of a person who, in relation to the transaction, acts as an independent broker. (2) For the…
(1) An arrangement entered into by a company in contravention of section 158 and any transaction entered into in accordance with the arrangement (whether by the company or any other person) is voidable at the instance of the company, unless— (a) restitution of any money or other asset that was the s…
(1) If a transaction or arrangement is entered into by a company incontravention of section 158 but within a reasonable period, it is affirmed— (a) in the case of a contravention of subsection (1) of that section—by resolution of the members of the company; and (b) in the case of a contravention of…
(1) A company may not— make a loan to a director of the company or of its member, holding company; or (b) give a guarantee or provide security in connection with a loan made by any person to such a director, unless the transaction has been approved by a resolution of the members of the company. (2)…
(1) This section applies to a company that is— (a) a public company; or (b) a company associated with a public company. (2) A company to which this section applies may not— (a) make a quasi-loan to a director of the company or of its holding company; or (b) give a guarantee or provide security in co…
(1) This section applies to a company that is— (a) a public company; or (b) a company associated with a public company. (2) A company to which this section applies may not— (a) make a loan or quasi-loan to a person connected with a director of the company or of its holding company; or (b) give a gua…
(1) This section applies to a company that is— (a) a public company; or (b) a company associated with a public company. (2) A company to which this section applies may not— (a) enter into a credit transaction as creditor for the benefit of a director of the company or of its holding company; and a p…
(1) A company may not— (a) participate in an arrangement under which— (i) another person enters into a transaction that, if it had been entered into by the company, would have required approval under this Act; and (ii) that person, in accordance with the arrangement, obtains a benefit from the compa…
(1) An approval is not required under section 164, 165, 166 or 167 for anythingdone by a company— (a) to provide a director of the company or of its holding company, or a person connected with any such director, with funds to meet expenditure incurred or to be incurred by the director— (i) for the p…
(1) An approval is not required under section 164, 165, 166 or 167 for anything done by a company— (a) to provide a director of the company or of its holding company with funds to meet expenditure incurred or to be incurred by the director— (i) in defending any criminal or civil proceedings in conne…
An approval is not required under section 164, 165, 166 or 167 for anything done by a company— (a) to provide a director of the company or of its holding company with funds to meet expenditure incurred or to be incurred by the director in defending himself— (i) in an investigation by a regulatory au…
(1) An approval is not required under section 164, 165 or 166 for a company to make a loan or quasi-loan, or to give a guarantee or provide security in connection with a loan or quasi-loan, if the aggregate of— (a) the value of the transaction; and (b) the value of any other relevant transactions or…
(1) An approval is not required under section 164, 165 or 166 for— (a) the making of a loan or quasi-loan to an associated body corporate; and (b) the giving of a guarantee or provision of security in connection with a loan or quasi-loan made to an associated body corporate. (2) An approval is not r…
(1) An approval is not required under section 164, 165 or 166 for the making of a loan or quasi-loan, or the giving of a guarantee or provision of security in connection with a loan or quasi-loan, by a money-lending company if— (a) the transaction, that is, the loan, quasi-loan, guarantee or securit…
(1) This section has effect for determining what are "other relevant transactions or arrangements" for the purposes of an exception to section 164, 165, 166 or 167. (2) In subsections (3) to (6), "the relevant exception" means the exception for the purposes of which that exception is to be determine…
(1) For the purposes of this Division— (a) the value of a transaction or arrangement is to be determined in accordance with subsections (2) to (7); and (b) the value of any other relevant transaction or arrangement is taken to be the value so determined reduced by the amount (if any) by which the li…
For the purposes of this Division, the person for whom a transaction or arrangement is entered into is— (a) in the case of a loan or quasi-loan, the person to whom it is made; (b) in the case of a credit transaction, the person to whom goods, land or services are supplied, sold, hired, leased or oth…
(1) This section applies to a transaction or arrangement entered into by a company in contravention of section 164, 165, 166 or 167. (2) A transaction or arrangement to which this section applies is voidable on the initiative of the company, unless— (a) restitution of any money or other asset that w…
If a transaction or arrangement is entered into by a company in contravention of section 164, 165, 166, 167 or 168 but, within a reasonable period, it is ratified— (a) in the case of a contravention of the requirement for a resolution of the members of the company—by a resolution of the members of t…
(1) In this Division, "payment for loss of office" means a payment made to a director or past director of a company— (a) as compensation for loss of office as a director of the company; (b) as compensation for loss, while a director of the company or in connection with ceasing to hold office as such…
(1) This section applies if, in connection with a transfer of the kind referred toin section 183 or 184, a director of the company— (a) is to cease to hold office; and (b) is to cease to be the holder— (i) of any other office or employment in connection with the management of the affairs of the comp…
(1) A company may not make a payment for loss of office to a director of the company unless the payment has been approved by a resolution of the members of the company. (2) A company may not make a payment for loss of office to a director of its holding company unless the payment has been approved b…