Transactions requiring members’ approval: payments for loss of office (ss.215 to 222)
12.—(1) Sections 215 to 222 of the Companies Act 2006 (payments for loss of office: requirement of members’ approval) apply in relation to any such loss of office or employment as is mentioned in section 215(1)(a) or (b), or any such retirement as is mentioned in section 215(1)(c) or (d), occurring on or after 1st October 2007.
(2) A resolution passed before that date approving a payment is effective for the purposes of those sections if it complies with the requirements of those sections.
(3) Sections 312 to 316 of the 1985 Act or Articles 320 to 324 of the 1986 Order continue to apply in relation to loss of office or retirement within the meaning of those provisions occurring before that date.
(4) For the purposes of this paragraph loss of office or retirement is regarded as occurring—
(a)in the case of a directorship, when the person ceases to be a director;
(b)in the case of any other office, when the person ceases to hold that office;
(c)in the case of employment, when the employment comes to an end.