No versions valid at: 08/11/2006
Point in time view as at 08/11/2006. This version of this provision is not valid for this point in time.
Companies Act 2006, Section 767 is up to date with all changes known to be in force on or before 09 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.
Valid from 06/04/2008
(1)If a company does business or exercises any borrowing powers in contravention of section 761, an offence is committed by—
(a)the company, and
(b)every officer of the company who is in default.
(2)A person guilty of an offence under subsection (1) is liable—
(a)on conviction on indictment, to a fine;
(b)on summary conviction, to a fine not exceeding the statutory maximum.
(3)A contravention of section 761 does not affect the validity of a transaction entered into by the company, but if a company—
(a)enters into a transaction in contravention of that section, and
(b)fails to comply with its obligations in connection with the transaction within 21 days from being called on to do so,
the directors of the company are jointly and severally liable to indemnify any other party to the transaction in respect of any loss or damage suffered by him by reason of the company's failure to comply with its obligations.
(4)The directors who are so liable are those who were directors at the time the company entered into the transaction.
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