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Disclosure of managing director service contracts required, with member inspection rights and penalties for non-compliance. Companies must keep at their registered office a written copy of the service contract, or if not in writing a written memorandum of terms, for any managing or whole-time director; these records must be open to inspection by any member without fee. Non-compliance renders the company and any defaulting officer liable to statutory penalties. The provision does not apply to private companies.
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<h1>Disclosure of managing director service contracts required, with member inspection rights and penalties for non-compliance.</h1> Companies must keep at their registered office a written copy of the service contract, or if not in writing a written memorandum of terms, for any managing or whole-time director; these records must be open to inspection by any member without fee. Non-compliance renders the company and any defaulting officer liable to statutory penalties. The provision does not apply to private companies.