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Changes over time for: Section 35A
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Version Superseded: 01/10/2009
Status:
Point in time view as at 01/12/2003. This version of this provision has been superseded.
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Changes to legislation:
There are currently no known outstanding effects for the Companies Act 1985, Section 35A.
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[35A Power of directors to bind the company.E+W+S
(1)In favour of a person dealing with a company in good faith, the power of the board of directors to bind the company, or authorise others to do so, shall be deemed to be free of any limitation under the company’s constitution.
(2)For this purpose—
(a)a person “deals with” a company if he is a party to any transaction or other act to which the company is a party;
(b)a person shall not be regarded as acting in bad faith by reason only of his knowing that an act is beyond the powers of the directors under the company’s constitution; and
(c)a person shall be presumed to have acted in good faith unless the contrary is proved.
(3)The references above to limitations on the directors’ powers under the company’s constitution include limitations deriving—
(a)from a resolution of the company in general meeting or a meeting of any class of shareholders, or
(b)from any agreement between the members of the company or of any class of shareholders.
(4)Subsection (1) does not affect any right of a member of the company to bring proceedings to restrain the doing of an act which is beyond the powers of the directors; but no such proceedings shall lie in respect of an act to be done in fulfilment of a legal obligation arising from a previous act of the company.
(5)Nor does that subsection affect any liability incurred by the directors, or any other person, by reason of the directors’ exceeding their powers.
(6)The operation of this section is restricted by [section 65(1) of the Charities Act 1993] and section 112(3) of the Companies Act 1989 in relation to companies which are charities; and section 322A below (invalidity of certain transactions to which directors or their associates are parties) has effect notwithstanding this section.]
Textual Amendments
Modifications etc. (not altering text)
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