C2C3Part 14Control of political donations and expenditure
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
Remedies in case of unauthorised donations or expenditure
I1C1370Enforcement of directors' liabilities by shareholder action
1
Any liability of a director under section 369 is enforceable—
a
in the case of a liability of a director of a company to that company, by proceedings brought under this section in the name of the company by an authorised group of its members;
b
in the case of a liability of a director of a holding company to a subsidiary, by proceedings brought under this section in the name of the subsidiary by—
i
an authorised group of members of the subsidiary, or
ii
an authorised group of members of the holding company.
2
This is in addition to the right of the company to which the liability is owed to bring proceedings itself to enforce the liability.
3
An “authorised group” of members of a company means—
a
the holders of not less than 5% in nominal value of the company's issued share capital,
b
if the company is not limited by shares, not less than 5% of its members, or
c
not less than 50 of the company's members.
4
The right to bring proceedings under this section is subject to the provisions of section 371.
5
Nothing in this section affects any right of a member of a company to bring or continue proceedings under Part 11 (derivative claims or proceedings).
Pt. 14 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 16 (with transitional provisions and savings in regs. 7, 9, Sch. 2)