Compensation to directors for loss of office5
1
In sub-paragraph (2)(b) of paragraph 8 of Schedule 6 (compensation to directors for loss of office), the words from “and shall distinguish” to the end shall be omitted.
2
For sub-paragraph (4) of that paragraph there shall be substituted the following sub-paragraphs—
4
In this paragraph, references to compensation for loss of office include the following, namely—
a
compensation in consideration for, or in connection with, a person’s retirement from office; and
b
where such a retirement is occasioned by a breach of the person’s contract with the company or with a subsidiary undertaking of the company—
i
payments made by way of damages for the breach; or
ii
payments made by way of settlement or compromise of any claim in respect of the breach.
5
Sub-paragraph (6)(a) of paragraph 1 applies for the purposes of this paragraph as it applies for the purposes of that paragraph.