Paragraph 11 Transactions requiring members’ approval: loans, quasi-loans and credit transactions (ss.197 to 214)I1

United Kingdom

(1)

This paragraph applies where before 1st October 2007 a company has done anything—

(a)

pursuant to section 337A(1) or (3) of the 1985 Act or Article 345A(1) or (3) of the 1986 Order (funding of director’s expenditure on defending proceedings), and

(b)

on the terms mentioned in section 337A(4) of that Act or Article 345A(4) of that Order (terms requiring repayment of loan etc if defendant convicted, has judgment given against him or refused relief).

(2)

If immediately before that date—

(a)

it is not yet known whether repayment will be required, or

(b)

repayment is required but had not been made,

those terms continue to apply notwithstanding the repeal of that section or that Article.

Annotations

Commencement

I1: Sch. 3 para. 11 in force at 1.10.2007, see arts. 1(3)(e), 2(1)