(1)The directors of Associated British Ports shall from time to time pay to the Holding Company such sums as appear to them to be justified by the profits of Associated British Ports.
(2)For the purpose of [F1sections 830 and 831 of the Companies Act 2006] (restrictions on distributions) such payments by Associated British Ports are distributions.
(3)For the purpose of [F2section 831 of the Companies Act 2006] (restriction on extent to which distributions may reduce a company’s net assets) the undistributable reserves of Associated British Ports include—
(a)any capital reserve arising from the capital debts extinguished by section 6(1);
(b)any reserve arising from payments made by the Holding Company on terms that the amount paid form part of Associated British Ports’ undistributable reserves.
(4)In [F3section 416(3) of the Companies Act 2006] (directors’ report) as it applies to Associated British Ports the reference to the amount recommended by the directors to be paid by way of dividend shall be construed as a reference to the amount proposed by them to be paid to the Holding Company under subsection (1).
Textual Amendments
F1Words in s. 11(2) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 52(a) (with arts. 6, 11, 12)
F2Words in s. 11(3) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 52(b) (with arts. 6, 11, 12)
F3Words in s. 11(4) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 52(c) (with arts. 6, 11, 12)