184
CAP. 32]
Companies
(1984 Ed.
Special provision relating to management contracts.
Approval of company requisite for payment by it to director or past director for loss of office etc.
1948 c. 38, s. 191.
Approval of company requisite for any payment, in connexion with transfer of its property, to director or past director for loss of office etc. 1948 c. 38. s. 192.
(4) In the foregoing provisions of this section "contract", in relation to a company, means a contract which is of significance in relation to the company's business.
(5) Nothing in this section shall be taken to prejudice the operation of any rule of law restricting directors of a company from having any interest in contracts with the company.
(Replaced, 6 of 1984, s. 118)
162A. (1) Where a company enters into any contract, other than a contract of service with any director or any person engaged in the full-time employment of the company, whereby any individual, firm or body corporate undertakes the management and administration of the whole or any substantial part of any business of the company...
(a) there shall be included in the directors' report for any year in which the contract is in force a statement of the existence and duration of the contract and the name of any director interested therein; and
(b) a copy of the contract shall be made available for inspection by the members of the company at each annual general meeting held during the period of the contract.
(2) If default is made in complying with this section, the company and every officer of the company who is in default shall be liable to a default fine.
(Added, 6 of 1984, s. 119)
163. It shall not be lawful for a company to make to any director or past director of the company any payment by way of compensation for loss of office, or as consideration for or in connexion with his retirement from office, without particulars with respect to the proposed payment (including the amount thereof) being disclosed to the members of the company and the proposal being approved by the company.
(Replaced, 6 of 1984, s. 120)
163A. (1) It is hereby declared that it is not lawful in connexion with the transfer of the whole or any part of the undertaking or property of a company for any payment to be made to any director or past director of the company by way of compensation for loss of office, or as consideration for or in connexion with his retirement from office, without particulars with respect to the proposed payment (including the amount thereof) being disclosed to the members of the company and the proposal being approved by the company.
(2) Where a payment which is hereby declared to be illegal is made to a director or past director of the company, the amount received shall be deemed to have been received by him in trust for the company.
(Added, 6 of 1984, s. 120)
184
CAP. 32]
Companies
(1984 Ed.
(
(
Special provision relating to
management
contracts.
Approval of company requisite for
payment by it to director or past director for loss of office etc.
1948 c. 38, s. 191.
Approval of
company requisite for any payment, in connexion with transfer of its
property, to
director or past director for loss of office etc. 1948 c. 38. s. 192.
(4) In the foregoing provisions of this section "contract", in relation to a company, means a contract which is of significance in relation to the company's business.
(5) Nothing in this section shall be taken to prejudice the operation of any rule of law restricting directors of a company from having any interest in contracts with the company.
(Replaced, 6 of 1984, s. 118)
162A. (1) Where a company enters into any contract, other than a contract of service with any director or any person engaged in the full-time employment of the company, whereby any individual, firm or body corporate undertakes the management and administra- tion of the whole or any substantial part of any business of the company-...
(a) there shall be included in the directors' report for any year in which the contract is in force a statement of the existence and duration of the contract and the name of any director interested therein; and
(b) a copy of the contract shall be made available for inspection by the members of the company at each annual general meeting held during the period of the contract. (2) If default is made in complying with this section, the company and every officer of the company who is in default shall be liable to a default fine.
( Added, 6 of 1984, s. 119)
163. It shall not be lawful for a company to make to any director or past director of the company any payment by way of compensation for loss of office, or as consideration for or in connexion with his retirement from office, without particulars with respect to the proposed payment (including the amount thereof) being disclosed to the members of the company and the proposal being approved by the company.
(Replaced, 6 of 1984, s. 120)
163A. (1) It is hereby declared that it is not lawful in con- nexion with the transfer of the whole or any part of the undertaking or property of a company for any payment to be made to any director or past director of the company by way of compensation for loss of office, or as consideration for or in connexion with his retirement from office, without particulars with respect to the proposed payment (including the amount thereof) being disclosed to the members of the company and the proposal being approved by the company.
(2) Where a payment which is hereby declared to be illegal is made to a director or past director of the company, the amount received shall be deemed to have been received by him in trust for the
company.
(Added, 6 of 1984, s. 120 j
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