Business Notes: Loans to Directors

?
  • Created by: jutnut
  • Created on: 21-08-18 11:25

Loans to Directors

s. 197(1) requires s/h resolution to approve a loan to a director. Also needed for giving a guarantee or provision of security by the company to a 3rd party who gives a loan to a director. 

Procedure: 

- Section 197(3) a memorandum must be drawn up which sets out the nature of the transaction, the amount of the loan, its purpose and the extent of company liability under any transaction connected with a loan (s.197(4)). 

- This memorandum must be available for inspection no less than 15 days ending on the day of the GM and the meeting itself (s.197(3)(b)

- If the resolution is passed by WR, a copy of the memorandum must be sent to all eligible s/h with resolution or

Comments

EmmaScott

Report

Hi there! Thank you for sharing this information. It helped me to understand how I can save my business. I took a big loan to start it, and it is pretty profitable, but almost all of the money I earn I spend on paying the loan I took at the beginning. I have no money for developing it, which is very necessary. The idea with combined loans is very great, and I should really try it. I will be pleased to help me pay off loans faster and reduce my interest rate. In another case, I will need to close my business because I can't work in such a way anymore.

_________________________

https://www.yhdistalaina.com/lainojen-yhdistaminen-kokemuksia/

emmajames91

Report

I rarely utilize loans and only seek a lending firm when I need to make a significant buy or simply require a huge quantity of money. For additional details on the terms and conditions for receiving a same-day cash advance that I utilize, visit the getfastcashus.com website. Always check at the company's requirements for the customer; if they are not there, it is not worth accepting such a loan, in my opinion.

emmajames91

Report

I don't understand why these posts never contain useful links; take the same one to get a loan online. This is a great way to get a loan https://easyqualifymoney.com/ payday loans in the USA. It's a simple enough thing to get money, to make your wish come true. So I think it is easily realizable.
emmajames91

Report

I don't understand why these posts never contain useful links; take the same one to get a loan online. This is a great way to get a loan https://easyqualifymoney.com/ payday loans in the USA. It's a simple enough thing to get money, to make your wish come true. So I think it is easily realizable.