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Changes over time for: Section 309A


Timeline of Changes
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Version Superseded: 01/10/2007
Status:
Point in time view as at 12/01/2006. This version of this provision has been superseded.

Status
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Changes to legislation:
There are currently no known outstanding effects for the Companies Act 1985, Section 309A.

Changes to Legislation
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309AProvisions protecting directors from liabilityU.K.
(1)This section applies in relation to any liability attaching to a director of a company in connection with any negligence, default, breach of duty or breach of trust by him in relation to the company.
(2)Any provision which purports to exempt (to any extent) a director of a company from any liability within subsection (1) is void.
(3)Any provision by which a company directly or indirectly provides (to any extent) an indemnity for a director of—
(a)the company, or
(b)an associated company,
against any liability within subsection (1) is void
This is subject to subsections (4) and (5).
(4)Subsection (3) does not apply to a qualifying third party indemnity provision (see section 309B(1)).
(5)Subsection (3) does not prevent a company from purchasing and maintaining for a director of—
(a)the company, or
(b)an associated company,
insurance against any liability within subsection (1).
(6)In this section—
“associated company”, in relation to a company (“C”), means a company which is C’s subsidiary, or C’s holding company or a subsidiary of C’s holding company;
“provision” means a provision of any nature, whether or not it is contained in a company’s articles or in any contract with a company.
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