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Directors' Liabilities
Provisions protecting directors from liability
Any arrangement that purports to exempt a director of a company (to any extent) from any liability that would otherwise attach to him in connection with any negligence, default, breach of duty or breach of trust to the company is void.
Any arrangement by which a company provides an indemnity for a director against any liability attaching to him in connection with any negligence, default or breach of trust in relation to the company of which he is a director is void, other than in certain situations with regard to the provision of insurance, third party indemnity provision or qualifying pension scheme indemnity provisions.
Introduction
Timetable
- Provisions commenced in January 2007
- Provisions commenced in April 2007
- Provisions commenced from 1 October 2007
- Provisions commenced from 6 April 2008
- Provisions commencing from 1 October 2008
- Provisions commencing from 1 October 2009
The Act In Depth
General
- Forming a company
- Choosing a name for your company
- Changing the company name
- Registered office
- A company's members
- Shares and share capital
Directors
- Appointment of directors
- General duties of directors
- Transactions with directors requiring approval of members
- Loans to directors
- Related agreements
- Directors' service contracts
- Directors' liabilities
- Records of directors meetings
- Company secretary