C2C3Part 14Control of political donations and expenditure

Annotations:
Modifications etc. (not altering text)
C2

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)

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).