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Changes over time for: Section 220
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No versions valid at: 01/01/2007
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Changes to legislation:
Companies Act 2006, Section 220 is up to date with all changes known to be in force on or before 02 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Valid from 01/10/2007
220Exception for payments in discharge of legal obligations etcU.K.
This section has no associated Explanatory Notes
(1)Approval is not required under section 217, 218 or 219 (payments requiring members' approval) for a payment made in good faith—
(a)in discharge of an existing legal obligation (as defined below),
(b)by way of damages for breach of such an obligation,
(c)by way of settlement or compromise of any claim arising in connection with the termination of a person's office or employment, or
(d)by way of pension in respect of past services.
(2)In relation to a payment within section 217 (payment by company) an existing legal obligation means an obligation of the company, or any body corporate associated with it, that was not entered into in connection with, or in consequence of, the event giving rise to the payment for loss of office.
(3)In relation to a payment within section 218 or 219 (payment in connection with transfer of undertaking, property or shares) an existing legal obligation means an obligation of the person making the payment that was not entered into for the purposes of, in connection with or in consequence of, the transfer in question.
(4)In the case of a payment within both section 217 and section 218, or within both section 217 and section 219, subsection (2) above applies and not subsection (3).
(5)A payment part of which falls within subsection (1) above and part of which does not is treated as if the parts were separate payments.
Modifications etc. (not altering text)
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