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Paragraph 8 Directors' remuneration, etc.

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

In paragraphs 5 to 7 above, “emoluments” means emoluments in respect of a director’s services as a director of the registered housing association or the director’s services (while a director of the registered housing association) in connection with the management of its affairs or the affairs of any subsidiary undertaking of the registered housing association, and includes–

(a)

wages and salaries, including performance pay, payable for the period;

(b)

fees and percentages;

(c)

sums payable by way of expense allowance (so far as chargeable to United Kingdom tax);

(d)

contributions payable in respect of pensions except where otherwise stated; and

(e)

the estimated money value of any other benefits otherwise than in cash,

and emoluments in respect of a person accepting office as director shall be treated as emoluments in respect of his service as director.