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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 October 2007 - onwards
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206. Exception for expenditure in connection with regulatory action or investigation

Approval is not required under section 197, 198, 200 or 201 (requirement of members' approval for loans etc) for anything done by a company -

(a) to provide a director of the company or of its holding company with funds to meet expenditure incurred or to be incurred by him in defending himself -

(i) in an investigation by a regulatory authority, or

(ii) against action proposed to be taken by a regulatory authority,

in connection with any alleged negligence, default, breach of duty or breach of trust by him in relation to the company or an associated company, or

(b) to enable any such director to avoid incurring such expenditure.

Comparing proposed amendment...