(
1984 Ed.]
Companies
[CAP. 32
167
(b) enter into any guarantee or provide any security in connexion with a loan made by any person to such a director:
(c) if any one or more of the directors of the company hold (jointly or severally or directly or indirectly) a controlling interest in another company, make a loan to that other company or enter into any guarantee or provide any security in connexion with a loan made by any person to that other company,
(3) Subject to subsections (4), (5), (6), (7) and (8), each of the following transactions is excepted from the prohibitions in subsection (2)-
(a) a loan by a company which is a member of a group of companies to another company which is a member of the same group of companies or such a company's entering into a guarantee or providing any security in connexion with a loan made by any person to that other company;
(b) in the case of a private company other than a private company which is a member of a group of companies of which a company referred to in subsection (9)(a) is a member, anything done by the company which has been approved by the company in general meeting;
(c) a company's doing anything to provide any of its directors with funds to meet expenditure incurred or to be incurred by him for the purposes of the company or for the purpose of enabling him properly to perform his duties as an officer of the company,
(d) a loan by a company to a director of the company---
(i) for the purpose of facilitating the purchase, for use as that director's only or main residence, of the whole or part of any residential premises together with any land to be occupied and enjoyed therewith;
(ii) for the purpose of improving any residential premises so used or any land occupied and enjoyed therewith; or
(iii) in substitution for any loan made by any person and falling within sub-paragraph (i) or (ii);
(e) in the case of a company the ordinary business of which includes the lending of money or the giving of guarantees in connexion with loans made by other persons, a loan by any such company to any person or such a company's entering into a guarantee in connexion with a loan by one person to another.
(4) Subject to subsection (7), the exception specified in subsection (3)(c) operates only if either of the following conditions is satisfied-
(
1984 Ed.]
Companies
[CAP. 32
167
(b) enter into any guarantee or provide any security in connexion with a loan made by any person to such a director:
(c) if any one or more of the directors of the company hold (jointly or severally or directly or indirectly) a controlling interest in another company, make a loan to that other company or enter into any guarantee or provide any security in connexion with a loan made by any person to that other company,
(3) Subject to subsections (4), (5), (6), (7) and (8), each of the following transactions is excepted from the prohibitions in subsection (2) -
(a) a loan by a company which is a member of a group of companies to another company which is a member of the same group of companies or such a company's entering. into a guarantee or providing any security in connexion with a loan made by any person to that other company;
(b) in the case of a private company other than a private company which is a member of a group of companies of which a company referred to in subsection (9)(a) is a member, anything done by the company which has been approved by the company in general meeting;
(c) a company's doing anything to provide any of its directors with funds to meet expenditure incurred or to be incurred by him for the purposes of the company or for the purpose of enabling him properly to perform his duties as an officer of the company,
(d) a loan by a company to a director of the company---
(i) for the purpose of facilitating the purchase, for use as that director's only or main residence, of the whole or part of any residential premises together with any land to be occupied and enjoyed therewith;
(ii) for the purpose of improving any residential premises so used or any land occupied and enjoyed therewith; or
(iii) in substitution for any loan made by any person and falling within sub-paragraph (i) or (ii);
(e) in the case of a company the ordinary business of which includes the lending of money or the giving of guarantees in connexion with loans made by other persons, a loan by any such company to any person or such a company's entering into a guarantee in connexion with a loan by one person to another.
(4) Subject to subsection (7), the exception specified in sub- section (3)(c) operates only if either of the following conditions is satisfied-
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