The Companies Act 1985 (Electronic Communications) Order 2000

Electronic statement concerning financial assistance

11.—(1) Section 156 (statutory declaration under s.155) is amended as follows.

(2) After subsection (1) insert the following subsection—

“(1A) A statement made by a company’s directors under section 155(6A) shall state—

(a) the names and addresses of all the directors of the company,

(b) whether the business of the company is that of a banking company or insurance company or some other business,

(c) that the company or (as the case may be) a company (naming such company) of which it is the holding company is proposing to give financial assistance in connection with the acquisition of shares in the company or (as the case may be) its holding company (naming that holding company),

(d) whether the assistance is for the purpose of that acquisition or for reducing or discharging a liability incurred for the purpose of that acquisition,

(e) the name and address of the person to whom the assistance is to be given (and in the case of a company its registered office),

(f) the name of the person who has acquired or will acquire the shares and the number and class of the shares acquired or to be acquired,

(g) the principal terms on which the assistance will be given,

(h) the form the financial assistance will take (stating the amount of cash or value of any asset to be transferred to the person assisted), and

(i) the date on which the assistance is to be given.”

(3) In subsection (2) after the words “The declaration” insert the words “under section 155(6) or (as the case may be) statement under section 155(6A)”.

(4) In subsections (4), (5) and (7), after the word “declaration” in each place where it occurs insert the words “or statement”.