Skip to main content

Civil Remedies For Breach Of S 49

Volume 980: debated on Monday 3 March 1980

The text on this page has been created from Hansard archive content, it may contain typographical errors.

Amendments made:

No. 274, in page 64, line 17, at beginning insert 'actual'

No. 267, in page 64, line 17, leave out

'who is not a party to the arrangement or transaction'

and insert

'other than the person for whom the transaction or arrangement was made'.

No. 288, in page 64, line 21, after 'subsection', insert

'but subject to subsection (3) below'.

No. 246, in page 64, line 31, after 'any', insert 'other'.

No. 289, in page 64, leave out line 34 and insert—

'(3) Where an arrangement or transacton is entered into by a company and a person connected with a director of the company or its holding company in contravention of section 49, that director shall not be liable under subsection (2) above if he shows that he took all reasonable steps to secure the company's compliance with that section, and, in any case, a person so connected and any such other director as is mentioned in that subsection shall not he'.—[Mr. Newton.]