Companies Act, 1990
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Disclosure by directors of interests in contracts, etc. |
47.—(1) Any reference in section 194 of the Principal Act to a contract shall be construed as including a reference to any transaction or arrangement (whether or not constituting a contract) made or entered into on or after the commencement of this section. | |
(2) For the purposes of the said section 194, a transaction or arrangement of a kind described in section 31 made by a company for a director of the company or a person connected with such a director shall, if it would not otherwise be so treated (and whether or not prohibited by that section), be treated as a transaction or arrangement in which that director is interested. | ||
(3) The following shall be substituted for subsection (3) of the said section 194— | ||
“(3) Subject to subsection (4), for the purposes of this section, a general notice given to the directors of a company by a director to the effect that— | ||
(a) he is a member of a specified company or firm and is to be regarded as interested in any contract which may, after the date of the notice, be made with that company or firm; or | ||
(b) he is to be regarded as interested in any contract which may after the date of the notice be made with a specified person who is connected with him (within the meaning of section 26 of the Companies Act, 1990), | ||
shall be deemed to be a sufficient declaration of interest in relation to any such contract.”. | ||
Supplemental |