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The Companies (Interest Rate for Unauthorised Political Donation or Expenditure) Regulations 2007

S.I. 2007/2242 · Made 25 July 2007

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

companies

Made 25th July 2007

Coming into force in accordance with regulation 1(2)

The Secretary of State makes the following Regulations in exercise of the powers conferred by sections 369(5)(b) and 1167 of the Companies Act 2006f1.

Annotations to the whole text

Footnotes

f1

2006 c.46.

Contents

  1. 1Citation and commencement
  2. 2Rate of Interest
  3. Signature
  4. Explanatory note

1Citation and commencement

(1)

These Regulations may be cited as the Companies (Interest Rate for Unauthorised Political Donation or Expenditure) Regulations 2007.

(2)

These Regulations shall come into force on 1st October 2007 for the purpose of their application to Great Britain and on 1st November 2007 for the purpose of their application to Northern Ireland.

2Rate of Interest

For the purposes of section 369(5)(b) of the Companies Act 2006 the rate of interest shall be 8% per annum.

Signature

Stephen Timms

Minister of State for Competitiveness

Department for Business, Enterprise and Regulatory Reform

25th July 2007

Explanatory note

(This note is not part of the Regulations)

Where a company has made a political donation or incurred political expenditure without the authorisation required by the Companies Act 2006 the directors are liable to make good to the company the amount of the unauthorised donation or expenditure with interest.

Regulation 2 sets the rate of interest to be applied at 8% per annum.

An impact assessment has not been produced for these Regulations as no impact on the private or voluntary sectors is foreseen.