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Companies Act 1948

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198General duty to make disclosure for purposes of three foregoing sections

(1)It shall be the duty of any director of a company to give notice to the company of such matters relating to himself as may be necessary for the purposes of sections one hundred and ninety-five and one hundred and ninety-six of this Act and of the last foregoing section except so far as it relates to loans made, by the company or by any other person under a guarantee from or on a security provided by the company, to an officer thereof.

(2)Any such notice given for the purposes of the said section one hundred and ninety-five shall be in writing and, if it is not given at a meeting of the directors, the director giving it shall take reasonable steps to secure that it is brought up and read at the next meeting of directors after it is given.

(3)Subsection (1) of this section shall apply—

(a)for the purposes of the last foregoing section, in relation to officers other than directors; and

(b)for the purposes of the said section one hundred and ninety-six and the last foregoing section, in relation to persons who are or have at any time during the preceding five years been officers;

as it applies in relation to directors.

(4)Any person who makes default in complying with the foregoing provisions of this section shall be liable to a fine not exceeding fifty pounds.

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