Part X Enforcement of Fair Dealing by Directors

Restrictions on directors taking financial advantage

312 Payment to director for loss of office etc.

It is not lawful for a company to make to a director of the company any payment by way of compensation for loss of office, or as consideration for or in connection with his retirement from office, without particulars of the proposed payment (including its amount) being disclosed to members of the company and the proposal being approved by the company.