Register of interested-director contracts required, with mandated particulars, entry timings, exemptions and inspection rights and penalties. Companies must keep one or more registers recording contracts and arrangements covered by related-party restrictions, noting date, parties, principal terms, board placement date where applicable, and directors' votes; the register must also list firms and bodies corporate disclosed by each director. Entries must be made within prescribed short periods after board approval or receipt of particulars (or within a specified longer period where applicable) and placed before and signed at the next board meeting. Low-value supply contracts and certain routine banking transactions are exempt, noncompliance attracts a monetary fine, and members have inspection rights at the registered office.
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Provisions expressly mentioned in the judgment/order text.
Register of interested-director contracts required, with mandated particulars, entry timings, exemptions and inspection rights and penalties.
Companies must keep one or more registers recording contracts and arrangements covered by related-party restrictions, noting date, parties, principal terms, board placement date where applicable, and directors' votes; the register must also list firms and bodies corporate disclosed by each director. Entries must be made within prescribed short periods after board approval or receipt of particulars (or within a specified longer period where applicable) and placed before and signed at the next board meeting. Low-value supply contracts and certain routine banking transactions are exempt, noncompliance attracts a monetary fine, and members have inspection rights at the registered office.
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