Payment for Loss of Office
- Created by: jutnut
- Created on: 20-08-18 15:24
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When a director leaves office, the board may wish to pay the departing director a non-contractual payment for loss of office.
The board CANNOT do so without first obtaining the approval of the shareholders (OR s.217(1))
A memorandum containing the particulars of the payment must be drawn up (s.217(3)). It must be made…
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