1984 Ed.]
Companies
[CAP. 32
157
(5) If after the expiration of the said period or shorter time any unqualified person acts as a director of the company, he shall be liable to a fine of $200 for every day between the expiration of the said period or shorter time or the day on which he ceased to be qualified, as the case may be, and the last day on which it is proved that he acted as a director. (Amended, 6 of 1984, s. 11)
155A. (1) Notwithstanding anything in the memorandum or articles of
(a) a company in the case of which shares are listed on a recognized stock exchange; or
(b) a company which is a member of a group of companies of which a company referred to in paragraph (a) is a member,
the directors of such a company shall not carry into effect any proposals to which this section applies unless those proposals have been approved by the company in general meeting.
(2) This section applies to proposals for disposing of any fixed assets of a company referred to in subsection (1)(a) or (b) if, but only if, the aggregate of -
(a) the amount or value of the consideration for the proposed disposal; and
(b) where any fixed assets of the company have been disposed of in the period of 4 months immediately preceding the proposed disposal, the amount or value of the consideration for any such disposal in that period,
exceeds 33 per cent of the value of the company's fixed assets as shown in the latest balance sheet laid before the company in general meeting.
(3) The court may, on the application of any member or holder of debentures of a company referred to in subsection (1)(a) or (b), restrain the directors from entering into a transaction in contravention of subsection (1).
(4) A transaction entered into in contravention of subsection (1) shall be as valid as if that subsection had been complied with.
(5) If any person being a director of a company referred to in subsection (1)(a) or (b) fails to take all reasonable steps to comply with subsection (1) he shall, in respect of each offence, be liable to a fine of $10,000 and to imprisonment for 6 months.
(6) In this section a reference to proposals for disposing of any fixed assets does not include a reference to proposals for charging such fixed assets or granting any interest therein by way of security. (Added, 6 of 1984, s. 12)
Approval of company required for disposal by directors of company's fixed assets.
1984 Ed.]
Companies
[CAP. 32
157
(5) If after the expiration of the said period or shorter time any unqualified person acts as a director of the company, he shall be liable to a fine, of $200 for every day between the expiration of the said period of shorter time or the day on which he ceased to be qualified, as the case may be, and the last day on which it is proved that he acted as a director. (Amended, 6 of 1984, s. UTI
155A. (1) Notwithstanding anything in the memorandum or
articles of
(a) a company in the case of which shares are listed on a
recognized stock exchange; or
(b) a company which is a member-of a group of companies of
which a company referred to in paragraph (a) is a member.
the directors of such a company shall not carry into effect any proposals to which this section applies unless those proposals have been approved by the company in general meeting.
(2) This section applies to proposals for disposing of any fixed assets of a company referred to in subsection (1)(a) or (b) if, but only if, the aggregate of -
(a) the amount or value of the consideration for the proposed
disposal; and
(b) where any fixed assets of the company have been disposed of in the period of 4 months immediately preceding the proposed disposal, the amount or value of the considera- tion for any such disposal in that period,
exceeds 33 per cent of the value of the company's fixed assets as shown in the latest balance sheet laid before the company in general meeting.
(3) The court may, on the application of any member or holder of debentures of a company referred to in subsection (1)(a) or (b), restrain the directors from entering into a transaction in contravention of subsection (1).
(4) A transaction entered into in contravention of subsec- tion (1) shall be as valid as if that subsection had been complied with.
(5) If any person being a director of a company referred to in subsection (1)(a) or (b) fails to take all reasonable steps to comply with subsection (1) he shall, in respect of each offence, be liable to a fing of $10,000 and to imprisonment for 6 months.
(6) In this section a reference to proposals for disposing of any fixed assets does not include a reference to proposals for charging such fixed assets or granting any interest therein by way of security. (Added, 6 of 1984, s. 112)
Approval of company required for disposal by directors of
company's fixed
assets.
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