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Companies Act 1985, Section 309C is up to date with all changes known to be in force on or before 05 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Valid from 06/04/2005
(1)Subsections (2) and (3) impose disclosure requirements in relation to a directors' report under section 234 in respect of a financial year.
(2)If —
(a)at the time when the report is approved under section 234A, any qualifying third party indemnity provision (whether made by the company or otherwise) is in force for the benefit of one or more directors of the company, or
(b)at any time during the financial year, any such provision was in force for the benefit of one or more persons who were then directors of the company,
the report must state that any such provision is or (as the case may be) was so in force.
(3)If the company has made a qualifying third party indemnity provision and—
(a)at the time when the report is approved under section 234A, any qualifying third party indemnity provision made by the company is in force for the benefit of one or more directors of an associated company, or
(b)at any time during the financial year, any such provision was in force for the benefit of one or more persons who were then directors of an associated company,
the report must state that any such provision is or (as the case may be) was so in force.
(4)Subsection (5) applies where a company has made a qualifying third party indemnity provision for the benefit of a director of the company or of an associated company.
(5)Section 318 shall apply to—
(a)the company, and
(b)if the director is a director of an associated company, the associated company,
as if a copy of the provision, or (if it is not in writing) a memorandum setting out its terms, were included in the list of documents in section 318(1).
(6)In this section—
“associated company” and “provision” have the same meaning as in section 309A; and
“qualifying third party indemnity provision” has the meaning given by section 309B(1).
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