Companies.
company in the case of which the conditions of this section are satisfied.
(2) Where a company the ordinary business of which includes the lending of money holds shares in another company as security only, no account shall for the purpose of determining under this section whether that other company is a subsidiary company be taken of the shares so held.
[CAP. 32
to contain
as to loans
remuneration of, directors, &c.
c. 23, s. 128.
127. (1) The accounts which in pursuance of this Accounts Ordinance are to be laid before every company in general meeting shall, subject to the provisions of this section, contain particulars showing—
(a) the amount of any loans which during the period to which the accounts relate have been made either by the company or by any other person under a guarantee from or on a security provided by the company to any director or officer of the company, including any such loans which were repaid during the said period; and
(b) the amount of any loans made in manner aforesaid to any director or officer at any time before the period aforesaid and outstanding at the expiration thereof; and
(c) the total of the amount paid to the directors as remuneration for their services, inclusive of all fees, percentages, or other emoluments, paid to or receivable by them by or from the company or by or from any subsidiary company.
(2) The provisions of subsection (1) with respect to loans shall not apply—
(a) in the case of a company the ordinary business of which includes the lending of money to a loan made by the company in the ordinary course of its business; or
(b) to a loan made by the company to any employee of the company if the loan does not exceed twenty thousand dollars and is certified by the directors of the company to have been made in accordance with any practice adopted or about to be adopted by the company with respect to loans to its employees.
95
Companies.
company in the case of which the conditions of this section are satisfied.
(2) Where a company the ordinary business of which includes the lending of money holds shares in another company as security only, no account shall or the purpose of determining under this section whether that other com- pany is a subsidiary company be taken of the shares so held.
[CAP. 32
to contain
as to loans
remuneration of, directors, &c.
c. 23, s. 128.
127. (1) The accounts which in pursuance of this Accounts Ordinance are to be laid before every company in general particulars meeting shall, subject to the provisions of this section, to, and contain particulars showing—
(a) the amount of any loans which during the period 19 & 20 Geo. 5,
to which the accounts relate have been made either by the company or by any other person under a guarantee from or on a security provided by the company to any director or officer of the company, including any such loans which were repaid during the said period; and
(b) the amount of any loans made in manner aforesaid to any director or officer at any time before the period aforesaid and outstanding at the expiration thereof; and
(c) the total of the amount paid to the directors as remuneration for their services, inclusive of all fees, percentages, or other emoluments, paid to or receivable by them by or from the company or by or from any subsidiary company.
(2) The provisions of subsection (1) with respect to loans shall not apply-
(a) in the case of a company the ordinary business of which includes the lending of money to a loan made by the company in the ordinary course of its business; or
(b) to a loan made by the company to any employee of the company if the loan does not exceed twenty thousand dollars and is certified by the directors of the company to have been made in accordance with any practice adopted or about to be adopted by the company with respect to loans to its employees.
95
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