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Companies Act 1985
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Changes over time for: Section 151
Version Superseded: 01/10/2008
Alternative versions:
- 01/02/1991- Amendment
- 06/04/1997
Point in time - 01/10/2008- Amendment
- Stop date 01/10/2009- Amendment
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Point in time view as at 06/04/1997. This version of this provision has been superseded.
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151 Financial assistance generally prohibited.E+W+S
(1)Subject to the following provisions of this Chapter, where a person is acquiring or is proposing to acquire shares in a company, it is not lawful for the company or any of its subsidiaries to give financial assistance directly or indirectly for the purpose of that acquisition before or at the same time as the acquisition takes place.
(2)Subject to those provisions, where a person has acquired shares in a company and any liability has been incurred (by that or any other person), for the purpose of that acquisition, it is not lawful for the company or any of its subsidiaries to give financial assistance directly or indirectly for the purpose of reducing or discharging the liability so incurred.
(3)If a company acts in contravention of this section, it is liable to a fine, and every officer of it who is in default is liable to imprisonment or a fine, or both.
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