C5Part 10A company's directors
Annotations:
Modifications etc. (not altering text)
Chapter 4Transactions with directors requiring approval of members
Loans, quasi-loans and credit transactions
I1C4C6199C1C2C3Meaning of “quasi-loan” and related expressions
1
A “quasi-loan” is a transaction under which one party (“the creditor”) agrees to pay, or pays otherwise than in pursuance of an agreement, a sum for another (“the borrower”) or agrees to reimburse, or reimburses otherwise than in pursuance of an agreement, expenditure incurred by another party for another (“the borrower”)—
a
on terms that the borrower (or a person on his behalf) will reimburse the creditor; or
b
in circumstances giving rise to a liability on the borrower to reimburse the creditor.
2
Any reference to the person to whom a quasi-loan is made is a reference to the borrower.
3
The liabilities of the borrower under a quasi-loan include the liabilities of any person who has agreed to reimburse the creditor on behalf of the borrower.
Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2