Search Legislation

Companies Act 1985

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 158

 Help about opening options

Version Superseded: 01/10/2008

Alternative versions:

Status:

Point in time view as at 01/12/2003. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the Companies Act 1985, Section 158. Help about Changes to Legislation

158 Time for giving financial assistance under s. 155.E+W+S

(1)This section applies as to the time before and after which financial assistance may not be given by a company in pursuance of section 155.

(2)Where a special resolution is required by that section to be passed approving the giving of the assistance, the assistance shall not be given before the expiry of the period of 4 weeks beginning with—

(a)the date on which the special resolution is passed, or

(b)where more than one such resolution is passed, the date on which the last of them is passed,

unless, as respects that resolution (or, if more than one, each of them), every member of the company which passed the resolution who is entitled to vote at general meetings of the company voted in favour of the resolution.

(3)If application for the cancellation of any such resolution is made under section 157, the financial assistance shall not be given before the final determination of the application unless the court otherwise orders.

(4)The assistance shall not be given after the expiry of the period of 8 weeks beginning with—

(a)the date on which the directors of the company proposing to give the assistance made their statutory declaration [F1or statement] under section 155, or

(b)where that company is a subsidiary and both its directors and the directors of any of its holding companies made such a declaration [F1or statement], the date on which the earliest of the declarations [F1or statements] is made,

unless the court, on an application under section 157, otherwise orders.

Textual Amendments

F1Words in s. 158(4) inserted (22.12.2000) by S.I. 2000/3373, art. 31(2)

Back to top

Options/Help

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?