COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 185 Provisions supplementary to ss.182 to 184.

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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 185

Provisions supplementary to ss.182 to 184.

185.(1) Where in proceedings for the recovery of any payment as having, by
virtue of sub-sections (1) and (2) of section one hundred and eighty-three or
sub-sections (1) and (3) of section one hundred and eighty-four, been received
by any person in trust, it is shown that

(a)the payment was made in pursuance of any arrangement entered into as part
of the agreement for the transfer in question, or within one year before or
two years after that agreement or the offer leading thereto; and

(b)the company or any person to whom the transfer was made was privy to that
arrangement;

(2) If in connection with any such transfer as is mentioned in section one
hundred and eighty-three or section one hundred and eighty-four

(a)the price to be paid to a director of the company whose office is to be
abolished or who is to retire from office for any shares in the company held
by him is in excess of the price which could at the time have been obtained by
other holders of the like shares; or

(b)any valuable consideration is given to any such director;

(3) It is hereby declared that references in sections one hundred and
eighty-two to one hundred and eighty-four to payments made to any director of
a company by way of compensation for loss of office, or as consideration for
or in connection with his retirement from office, do not include any bona fide
payment by way of damages for breach of contract or by way of pension in
respect of past services, and for the purposes of this sub-section "pension"
includes any superannuation allowance, superannuation gratuity or similar
payment.

(4) Nothing in sections one hundred and eighty-three and one hundred and
eighty-four shall be taken to prejudice the operation of any rule of law
requiring disclosure to be made with respect to any such payments as are
therein mentioned or with respect to any other like payments made or to be
made to the directors of a company.

S.186 rep. by 1978 NI 12 art.153(2) sch.7[

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Northern Irish Legislation

COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 185