The Companies (Fair Dealing by Directors) (Increase in Financial Limits) Order 1990

• Citation: S.I. 1990/1393
• Sections: 2

Section 1 Citation and Commencement

This Order may be cited as the Companies (Fair Dealing by Directors) (Increase in Financial Limits) Order 1990 and shall come into force on 31st July 1990.

Section 2 Increase in Financial Limits

Part X of the Companies Act 1985 (enforcement of fair dealing by directors) shall be amended as follows:—

(a) in section 320(2) (substantial property transactions involving directors, etc ) for “£1,000” substitute “£2,000” and for “£50,000” substitute “£100,000”;

(b) in section 335(1) (minor and business transactions) for “£5,000” substitute “£10,000”;

(c) in section 337(3) (funding of director’s expenditure on duty to company) for “£10,000” substitute “£20,000”;

(d) in section 340(7) (“value” of transactions and arrangements) for “£50,000” substitute “£100,000”; and

(e) in section 344(1) (exceptions from section 343) for “£1,000” substitute “£2,000”