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Companies Act 2006

Section 367: Form of authorising resolution

620.This section provides that an authorising resolution may identify the subsidiaries, the heads of donations or expenditure, and the amounts that it authorises. The section reproduces the effect of the 1985 Act, but with the following changes:

  • under subsection (1) and (2), a holding company may seek authorisation of donations and expenditure in respect of both itself and one or more of its subsidiaries (including wholly-owned subsidiaries) in a single approval resolution. The subsidiaries do not need to be named in the resolution if it applies to all of a holding company’s subsidiaries;

  • under subsection (3), a company may pass separate approval resolutions in respect of donations to political parties and donations to other political organisations.

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