Article 2 Increase in Financial Limits

Part X of the Companies Act 1985 (enforcement of fair dealing by directors) shall be amended as follows:—

(a)

in section 320(2) (substantial property transactions involving directors, etc) for “£1,000” substitute “£2,000” and for “£50,000” substitute “£100,000”;

(b)

in section 335(1) (minor and business transactions) for “£5,000” substitute “£10,000”;

(c)

in section 337(3) (funding of director’s expenditure on duty to company) for “£10,000” substitute “£20,000”;

(d)

in section 340(7) (“value” of transactions and arrangements) for “£50,000” substitute “£100,000”; and

(e)

in section 344(1) (exceptions from section 343) for “£1,000” substitute “£2,000”