(1) An obligation (however arising) to make a payment which would be in contravention of section 226B or 226C has no effect.
(2) If a payment is made in contravention of section 226B or 226C -
(a) it is held by the recipient on trust for the company or other person making the payment, and
(b) in the case of a payment by a company, any director who authorised the payment is jointly and severally liable to indemnify the company that made the payment for any loss resulting from it.
(3) If a payment for loss of office is made in contravention of section 226C to a director of a quoted company or of an unquoted traded company in connection with the transfer of the whole or any part of the undertaking or property of the company or a subsidiary of the company -
(a) subsection (2) does not apply, and
(b) the payment is held by the recipient on trust for the company whose undertaking or property is or is proposed to be transferred.
(4) If a payment for loss of office is made in contravention of
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