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Companies Act 1985

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Changes over time for: Section 309A

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Version Superseded: 01/10/2007

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Point in time view as at 12/01/2006. This version of this provision has been superseded. Help about Status

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There are currently no known outstanding effects for the Companies Act 1985, Section 309A. Help about Changes to Legislation

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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