1990 No. 1393
The Companies (Fair Dealing by Directors) (Increase in Financial Limits) Order 1990
Made
Laid before Parliament
Coming into force
The Secretary of State in exercise of the power conferred by section 345(1) of the Companies Act 19851 hereby makes the following Order:
Citation and Commencement1
This Order may be cited as the Companies (Fair Dealing by Directors) (Increase in Financial Limits) Order 1990 and shall come into force on 31st July 1990.
Increase in Financial Limits2
Part X of the Companies Act 1985 (enforcement of fair dealing by directors) shall be amended as follows:—
a
in section 320(2) (substantial property transactions involving directors, etc) for “£1,000” substitute “£2,000” and for “£50,000” substitute “£100,000”;
b
in section 335(1) (minor and business transactions) for “£5,000” substitute “£10,000”;
c
in section 337(3) (funding of director’s expenditure on duty to company) for “£10,000” substitute “£20,000”;
d
in section 340(7) (“value” of transactions and arrangements) for “£50,000” substitute “£100,000”; and
e
in section 344(1) (exceptions from section 343) for “£1,000” substitute “£2,000”
(This note is not part of the Order)