The Companies Act 2006 (Commencement No. 5, Transitional Provisions and Savings) Order 2007

Repeal of prohibition on private companies giving financial assistance for acquisition of shares

This sectionnoteType=Explanatory Memorandum has no associated

51.  (1)  The repeal by this Order of sections 151 to 153 and 155 to 158 of the Companies Act 1985 or Articles 161 to 163 and 165 to 168 of the Companies (Northern Ireland) Order 1986 (financial assistance for acquisition of shares), to the extent specified in article 5(2) of this Order, applies in relation to financial assistance given on or after 1st October 2008.

(2) This is so, in a case within section 151(2) or Article 161(2), even if the shares in question were acquired, and the liability in question incurred, before that date.