1964_COMPANIES_ORDINANCE — Page 72

182

CAP. 32]

16 of 1984 1 [*31.8.84.]

Companies

[1984 Ed.

(b) a body corporate in which a director of the company, at any time during the financial year, held (jointly or severally or directly or indirectly) a controlling interest, whether or not such controlling interest was so held at the time the loan was made; or

(c) in the case of a loan made by a company referred to in section 157H(9)(a) or (h), a person who is-

(i) a person connected with a director of the company at any time during the financial year when the loan is outstanding; or

(ii) a person connected with a director of the company's holding company at any such time; or

(iii) a body corporate in which a person referred to in sub-paragraph (i), at any time during the financial year, held (jointly or severally or directly or indirectly) a controlling interest,

whether or not he was such a person or such controlling interest was so held at the time the loan was made,

being a loan which either is made during that financial year or, if made before it, is outstanding at any time during that financial year.

(STA)

(8) For the purposes of this section, a person is connected with a director of a company if, but only if, he is-

(a) that director's spouse, child or step-child; or

(b) a person acting in his capacity as the trustee (other than as trustee under an employees' share scheme or a pension scheme) of any trust the beneficiaries of which include the director, his spouse or any of his children or step-children or the terms of which confer a power on the trustees that may be exercised for the benefit of the director, his spouse or any of his children or step-children; or

(c) a person acting in his capacity as partner of that director or of any person who by virtue of paragraph (a) or (b) is connected with that director;

and in this subsection a reference to the child or step-child of any person shall include a reference to any illegitimate child of that person, but shall not include a reference to any person who has attained the age of 21 years.

(9) References in subsections (4) and (5) to a subsidiary shall be taken as referring to a subsidiary at the end of the company's financial year (whether or not a subsidiary at the date of the loan).

(10) In the case of any loans made before the commencement* of the Companies (Amendment) Ordinance 1984, the accounts for any financial year of a company shall contain in respect of any such loan outstanding at the end of the financial year the particulars which, but for that Ordinance, would have had to be contained