Part 10A company's directors
Chapter 2General duties of directors
The general duties
176Duty not to accept benefits from third parties
(1)
A director of a company must not accept a benefit from a third party conferred by reason of—
(a)
his being a director, or
(b)
his doing (or not doing) anything as director.
(2)
A “third party” means a person other than the company, an associated body corporate or a person acting on behalf of the company or an associated body corporate.
(3)
Benefits received by a director from a person by whom his services (as a director or otherwise) are provided to the company are not regarded as conferred by a third party.
(4)
This duty is not infringed if the acceptance of the benefit cannot reasonably be regarded as likely to give rise to a conflict of interest.
(5)
Any reference in this section to a conflict of interest includes a conflict of interest and duty and a conflict of duties.