Version Superseded: 01/10/2007
Point in time view as at 19/06/1996. This version of this provision has been superseded.
There are currently no known outstanding effects for the Companies Act 1985, Section 313.
(1)It is not lawful, in connection with the transfer of the whole or any part of the undertaking or property of a company, for any payment to be made to a director of the company by way of compensation for loss of office, or as consideration for or in connection with his retirement from office, unless particulars of the proposed payment (including its amount) have been disclosed to members of the company and the proposal approved by the company.
(2)Where a payment unlawful under this section is made to a director, the amount received is deemed to be received by him in trust for the company.
Modifications etc. (not altering text)
C1S. 313(1) restricted (E.W.) (1.1.1993) by Charities Act 1960 (c. 58), s. 30BA(2)(b) (as inserted (1.1.1993) by Charities Act 1992 (c. 41), s.41; S.I. 1992/1900, art. 4, Sch.3).
S. 313(1) restricted (E.W.) (1.8.1993) by 1993 c. 10, ss. 66(1)(2)(b), 99(1)
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