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Companies Act 1985
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Changes over time for: Section 342
Version Superseded: 01/10/2007
Alternative versions:
- 01/02/1991- Amendment
- 01/12/2003
Point in time - 01/10/2007- Amendment
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Point in time view as at 01/12/2003. This version of this provision has been superseded.
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342 Criminal penalties for breach of s. 330.E+W+S
(1)A director of a relevant company who authorises or permits the company to enter into a transaction or arrangement knowing or having reasonable cause to believe that the company was thereby contravening section 330 is guilty of an offence.
(2)A relevant company which enters into a transaction or arrangement for one of its directors or for a director of its holding company in contravention of section 330 is guilty of an offence.
(3)A person who procures a relevant company to enter into a transaction or arrangement knowing or having reasonable cause to believe that the company was thereby contravening section 330 is guilty of an offence.
(4)A person guilty of an offence under this section is liable to imprisonment or a fine, or both.
(5)A relevant company is not guilty of an offence under subsection (2) if it shows that, at the time the transaction or arrangement was entered into, it did not know the relevant circumstances.
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